DRAFT
 


LINE OF BUSINESS:

Farm Insurance

LINE(S) OF INSURANCE

CODES

 

 

FARM

3.0000

 

 

COMMERCIAL

3.0001

Code:

 

3.0000

PERSONAL

3.0001

 

 

 

 

 

 

 

 

IF CHECKLIST IS NOT APPLICABLE, PLEASE EXPLAIN:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVIEW REQUIREMENTS

REFERENCE

DESCRIPTION OF REVIEW

STANDARDS REQUIREMENTS

LOCATION OF STANDARD IN FILING

GENERAL REQUIREMENTS

 

 

 

FOR  ALL FILINGS

 

 

 

 

 

 

COPIES, RETURN ENVELOPES, ETC

Rule & Reg 23—12/18/02. This reg is scheduled to change in 2003. WORD   PDF

Include 1 copy of transmittal header (or cover letter) for each company included in filing and a return copy for the company.  Include a self-addressed, postage paid envelope large enough to accommodate the return copy.

 

 

 

 

 

COVER LETTER

Rule & Reg 23—12/18/02. This reg is scheduled to change in 2003. WORD   PDF

Include 1 copy of transmittal header (or cover letter) for each company included in filing and a return copy for the company.  Include a self-addressed, postage paid envelope large enough to accommodate the return copy.

 

 

 

 

 

EFFECTIVE DATE WORDING

23-67-219WORD PDF

(C)(i)  Every filing must be submitted for approval to the commissioner at least thirty (30) days prior to the proposed effective date. 

(ii)  Upon written request of the filer, the commissioner may authorize an earlier effective date. 

 

 

 

 

 

FILING SUBMISSION

Rule & Reg 67 WORD  PDF

 

 

 

 

 

 

 FREE CONTRACT PROHIBITED

 

 

 

 

 

 

 

LIMITATIONS/RESTRICTIONS ON TRANSACTING BUSINESS

 

 

 

 

 

 

 

LINE OF AUTHORITY

23-62-104  WORD  PDF

As used in the Arkansas Insurance Code, unless the context otherwise requires, "property insurance" is insurance on real or personal property of every kind and of every interest therein, whether on land, water, or in the air, against loss or damage from any and all hazard or cause and against loss consequential upon the loss or damage, other than noncontractual legal liability for the loss or damage.

 

 

 

 

 

WATERCRAFT OVER 26 FEET

Bulletin 7-99  WORD  PDF

 

 

 

 

 

 

UMBRELLA/EXCESS LIABILITY

 

 

 

 

 

 

 

NAIC#

Bulletin 8-90  WORD  PDF

NAIC #s are required on all correspondence, documents, reports, etc. filed by the insurer with the AR Insurance Dept.

 

 

 

 

 

THIRD PARTY FILERS AUTHORITY

 

 

 

 

 

 

 

 TRANSACTING OTHER BUSINESS

 

 

 

 

 

 

 

FORMS: POLICY

PROVISIONS:

 

 

 

 

 

 

 

ACCESS TO COURTS

23-79-203  WORD  PDF

23-79-203. Trial by jury.(a)  No insurance policy or annuity contract shall contain any condition, provision, or agreement which directly or indirectly deprives the insured or beneficiary of the right to trial by jury on any question of fact arising under the policy or contract. (b)  All such provisions, conditions, or agreements shall be void.

 

 

 

 

 

 AGGREGATE LIMITS

 

 

 

 

 

 

 

AMBIGUOUS & MISLEADING

 

 

 

 

 

 

 

APPLICATIONS

23-79-109(a)  WORD  PDF

\23-79-109. Filing and approval of forms. (a)(1)(A)  No basic insurance policy, or annuity contract form, or application form where written application is required and is to be made a part of the policy or contract, or printed rider or endorsement form or form of renewal certificate, shall be issued, delivered, or used as to a subject of insurance resident, located, or to be performed in this state unless the form has been filed with and approved by the Insurance Commissioner and, in the case of individual accident and health contracts, the rates have been filed with and approved by the commissioner. 

 

 

 

 

 

APPRAISALS

23-79-203(a),   WORD  PDF                  Bulletin 19-89  WORD  PDF

23-79-203. Trial by jury.(a)  No insurance policy or annuity contract shall contain any condition, provision, or agreement which directly or indirectly deprives the insured or beneficiary of the right to trial by jury on any question of fact arising under the policy or contract. 

(b)  All such provisions, conditions, or agreements shall be void. 

 

 

 

 

 

ARBITRATION

23-79-203(a),   WORD  PDF                  Bulletin 19-89  WORD  PDF

23-79-203. Trial by jury.(a)  No insurance policy or annuity contract shall contain any condition, provision, or agreement which directly or indirectly deprives the insured or beneficiary of the right to trial by jury on any question of fact arising under the policy or contract. 

(b)  All such provisions, conditions, or agreements shall be void. 

 

 

 

 

 

 ASSESSIBLE POLICIES

 

 

 

 

 

 

 

BANKRUPTCY PROVISIONS

23-89-102 Word    PDF;

Jarboe v. Shelter Ins. Co., 317 Ark. 395,877 S.W.2d 930 (1994)

Insurer’s liability is not affected by the insured’s insolvency; the filing of a petition in bankruptcy is not the type of immunity contemplated by this section.

 

 

 

 

 

BLANK ENDORSEMENTS

23-79-109  WORD   PDF

Forms must be filed. A form without specific language is not a complete form and can't be approved.  However, we will consider approving a "blank" form if the company will provide a detailed description of how the form will be used.

 

 

 

 

 

CANCELLATION & NON-RENEWAL

23-66-206(11)  WORD  PDF

See “Permissible Reasons for Cancellation” below 

 

Cancellation-indiscriminate & capricious cancellation or nonrenewal by insurers

Directive 1-85 

Bulletin 13-85  WORD  PDF

Directive 1-85 primarily states the Dept. position on cancellations & nonrenewals. It deals with policies in effect more than 60 days, policyholders forced to suffer cancellation or nonrenewal when a company decides they wish to restrict writing in an area, termination of agent/agency contracts, etc.  Bulletin 13-85 emphasizes the Dept. position stated in Directive 1-85.  Both Directive and Bulletin are too long to provide here but are available by email or fax by contacting the P&C Division (501-371-2800).

 

 Calculation of Unearned/Return Premium

23-79-112(h)  WORD   PDF

“(h)  On and after January 1, 1990, every property and casualty policy shall contain a provision stating the method to be utilized in computing premium refunds in the event of cancellation of the policy by the insured or the insurer.”

 

Conditional Renewal

 

 

 

 Minimum Retained Premium

23-79-112(b)(7)  WORD   PDF

   23-79-112. Contents.

 (a)  The written instrument in which a contract of insurance is set forth is the policy. 

(b)  Every policy shall specify: 

(1)  The names of the parties to the contract; 

(2)  The subject of the insurance; 

(3)  The risks insured against; 

(4)  The time when the insurance thereunder takes effect and the period during which the insurance is to continue; 

(5)  The premium or premium deposit; 

(6)  The policy fee, if any; 

(7)  The minimum premium to be retained, if any, by a property or casualty insurer in the event of cancellation of the policy by the insured; and 

(8)  The conditions pertaining to the insurance. 

 

Notice of Cancellation

23-66-206(9)(B)  WORD  PDF

(B)  Cancellations of property and casualty policies shall only be effective when notice of cancellation is mailed or delivered by the insurer to the named insured and to any lienholder or loss payee named in the policy at least twenty (20) days prior to the effective date of cancellation. However, where cancellation is for nonpayment of premium, at least ten (10) days' notice of cancellation accompanied by the reason for cancellation shall be given

 

Notice of Non-renewal

23-79-307(7)  WORD   PDF

(7)  Except in the case of nonpayment of premium, an insurer shall renew a policy, unless a written notice of nonrenewal is mailed at least sixty (60) days prior to the expiration date of the policy or, for a policy for a term longer than one (1) year and not having a fixed expiration date, sixty (60) days prior to the anniversary date

 

Permissible Reasons for Cancellation

23-66-206(9)(A)  WORD  PDF

(9)(A)  "Policy cancellations" are cancellations of insurance coverage on a property or casualty risk which has been in force over sixty (60) days or after the effective date of a renewal policy or an annual anniversary date, unless the cancellation is based upon at least one (1) of the following reasons: 

(i)  Nonpayment of premium; 

(ii)  Fraud or material misrepresentation made by or with the knowledge of the named insured in obtaining the policy, continuing the policy, or in presenting a claim under the policy; 

(iii)  The occurrence of a material change in the risk which substantially increases any hazard insured against after policy issuance; 

(iv)  Violation of any local fire, health, safety, building, or construction regulation or ordinances with respect to any insured property or the occupancy of the property, which substantially increases any hazard insured against under the policy; 

(v)  Nonpayment of membership dues in those cases where the bylaws, agreements, or other legal instruments of the insurer issuing the policy require payment as a condition of the issuance and maintenance of the policy; or 

(vi)  A material violation of a material provision of the policy. 

(B)  Cancellations of property and casualty policies shall only be effective when notice of cancellation is mailed or delivered by the insurer to the named insured and to any lienholder or loss payee named in the policy at least twenty (20) days prior to the effective date of cancellation. However, where cancellation is for nonpayment of premium, at least ten (10) days' notice of cancellation accompanied by the reason for cancellation shall be given. 

(C)  The provisions of subdivision (9) of this section shall not be applicable to any policy providing coverage for workers' compensation or employers' liability or to any policy providing coverage for personal automobile liability, automobile physical damage, or automobile collision, or any combination thereof; 

 

Permissible Reasons for Non-renewal

Directive 1-85

Bulletin 13-85  WORD  PDF

There is nothing SPECIFIC to this line of business but Directive 1-85 primarily states the Dept. position on cancellations & nonrenewals. It deals with policies in effect more than 60 days, policyholders forced to suffer cancellation or nonrenewal when a company decides they wish to restrict writing in an area, termination of agent/agency contracts, etc.  Bulletin 13-85 emphasizes the Dept. position stated in Directive 1-85.  Both Directive and Bulletin are too long to provide here but are available by email or fax by contacting the P&C Division (501-371-2800).

 

Required Policy Period

23-79-112(b)(4)  WORD   PDF

   23-79-112. Contents.

 (a)  The written instrument in which a contract of insurance is set forth is the policy. 

(b)  Every policy shall specify: 

(1)  The names of the parties to the contract; 

(2)  The subject of the insurance; 

(3)  The risks insured against; 

(4)  The time when the insurance thereunder takes effect and the period during which the insurance is to continue; 

(5)  The premium or premium deposit; 

(6)  The policy fee, if any; 

(7)  The minimum premium to be retained, if any, by a property or casualty insurer in the event of cancellation of the policy by the insured; and 

(8)  The conditions pertaining to the insurance. 

 

Suspension

 

 

 

 

 

 

 

 CERTIFICATIONS

 

AR is a pilot state for self-certification.  However, the forms required have not been developed.  Contact Property & Casualty for additional info at (501)-371-2800.

 

 

 

 

 

CLAIMS MADE

23-79-306  WORD  PDF              

This section is too large to include in its entirety.  See link to left.

 

 

 

 

 

 CONINSURANCE

 

 

 

 

 

 

 

 CONSUMER INFORMATION

 

 

 

Credit Scoring Notice

 

 

 

 PrivacyNotice

 

 

 

 Notification Form

Bulletin 6-87  WORD PDF

Requires the address & phone # of the Arkansas Insurance Dept in every policy.  The correct address is: Arkansas Insurance Dept., Consumer Services Division, 1200 W. 3rd St., Little Rock, AR  72201-1904;  Telephone 800-852-5494 or 501-371-2640

 

 

 

 

 

 CONTENT OF POLICIES

23-79-111  WORD   PDF

23-79-112  WORD   PDF

Too large to include entire code cite here.  Refer to the links to the left

 

 

 

 

 

 COUNTERSIGNATURES

Not Applicable

Resident countersignature requires were repealed several years ago.

 

 

 

 

 

 DECLARATIONS PAGE

No specific requirements