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LINE OF BUSINESS: |
Farm Insurance |
LINE(S) OF INSURANCE |
CODES |
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FARM |
3.0000 |
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COMMERCIAL |
3.0001 |
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Code:
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3.0000 |
PERSONAL |
3.0001 |
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IF CHECKLIST IS NOT APPLICABLE, PLEASE EXPLAIN: |
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REVIEW REQUIREMENTS |
REFERENCE |
DESCRIPTION OF REVIEWSTANDARDS REQUIREMENTS |
LOCATION OF STANDARD IN FILING |
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GENERAL REQUIREMENTS |
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FOR ALL FILINGS |
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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. |
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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. |
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EFFECTIVE DATE WORDING |
(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. |
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FILING SUBMISSION |
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FREE CONTRACT PROHIBITED |
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LIMITATIONS/RESTRICTIONS ON TRANSACTING BUSINESS |
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LINE OF AUTHORITY |
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. |
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WATERCRAFT OVER 26 FEET |
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UMBRELLA/EXCESS LIABILITY |
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NAIC# |
NAIC #s are required on all correspondence, documents, reports, etc. filed by the insurer with the AR Insurance Dept. |
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THIRD PARTY FILERS AUTHORITY |
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TRANSACTING OTHER BUSINESS |
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FORMS: POLICY PROVISIONS: |
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ACCESS TO COURTS |
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. |
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AGGREGATE LIMITS |
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AMBIGUOUS & MISLEADING |
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APPLICATIONS |
\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. |
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APPRAISALS |
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. |
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ARBITRATION |
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. |
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ASSESSIBLE POLICIES |
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BANKRUPTCY PROVISIONS |
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. |
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BLANK ENDORSEMENTS |
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. |
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CANCELLATION & NON-RENEWAL |
See “Permissible Reasons for Cancellation” below |
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Cancellation-indiscriminate & capricious cancellation or nonrenewal by insurers |
Directive 1-85 |
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). |
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Calculation of Unearned/Return Premium |
“(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.” |
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Conditional Renewal |
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Minimum Retained Premium |
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. |
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Notice of Cancellation |
(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 |
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Notice of Non-renewal |
(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 |
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Permissible Reasons for Cancellation |
(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; |
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Permissible Reasons for Non-renewal |
Directive 1-85 |
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). |
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Required Policy Period |
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. |
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Suspension |
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CERTIFICATIONS |
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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. |
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CLAIMS MADE |
This section is too large to include in its entirety. See link to left. |
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CONINSURANCE |
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CONSUMER INFORMATION |
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Credit Scoring Notice |
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PrivacyNotice |
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Notification Form |
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 |
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CONTENT OF POLICIES |
Too large to include entire code cite here. Refer to the links to the left |
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COUNTERSIGNATURES |
Not Applicable |
Resident countersignature requires were repealed several years ago. |
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DECLARATIONS PAGE |
No specific requirements |
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DEFENSE WITHIN LIMITS |
(5)(A) Policies containing provisions which would reduce the limit of liability available for judgments or settlements by the amount of payment made for defense cost or claim expenses shall not be approved by the Insurance Commissioner unless a separate limit for defense costs equal to one hundred percent (100%) of the annual aggregate limit of liability stated in the policy for judgments or settlements is offered for defense costs or claims expenses to the insured. However, no policy covering automobile liability insurance may contain the defense within the limits concept.
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DISCLOSURES |
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DEFINITIONS |
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DISCRIMINATION |
This section too large to provide here. Check link to left. |
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Domestic Abuse |
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DUTY TO DEFEND |
(5)(A) Policies containing provisions which would reduce the limit of liability available for judgments or settlements by the amount of payment made for defense cost or claim expenses shall not be approved by the Insurance Commissioner unless a separate limit for defense costs equal to one hundred percent (100%) of the annual aggregate limit of liability stated in the policy for judgments or settlements is offered for defense costs or claims expenses to the insured. However, no policy covering automobile liability insurance may contain the defense within the limits concept. (B) This subsection shall not apply to policies or contracts which the commissioner may exempt by order upon a finding that this subsection may not practically be applied or that its application is not necessary or desirable for the protection of the public |
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EMPLOYERS LIABILITY |
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EXCESS COVERAGE |
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EXCLUSIONS & LIMITATIONS |
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Asbestos |
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Lead |
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Mold |
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Terrorism |
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Terrorism—certified acts |
Bulletin provides info on rate/form submission requirements. See link at left for complete copy of bulletin. Does not apply to personal lines. |
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Windstorm |
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FICTITIOUS GROUPS |
Fictitious groups. (a) No insurer, whether an authorized or unauthorized insurer, shall make available through any rating plan or form any fire, casualty, or surety insurance to any person, firm, corporation, or association of individuals at any preferred rate, premium, or form of contract based upon any fictitious grouping of the firm, corporation, or association. (b) "Fictitious grouping" is defined and declared to be the grouping by membership, nonmembership, license, franchise, agreement, contract, or any other method or means wherein the person, firm, corporation, or association of individuals of a group may receive a preferred rate, premium, or form of insurance contract. (c) Nothing in this section shall apply to the State of Arkansas or any governmental unit thereof, including counties, school districts, municipalities, state agencies, or any other governmental subsidiary, to life or accident and health insurance or to annuity contracts, nor to any insurer that restricts its insurance coverage to members of a particular association or organization with which the insurer is directly affiliated. |
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FORMS MISCELLANEOUS |
(General requirement that forms be filed). This section too large to provide here. Check link to left. |
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FRAUD WARNING |
Fraud warning required.
(a) Claim forms, proofs of loss, or any similar documents, however
designated, seeking payment or benefit pursuant to an insurance policy, and
applications for insurance, regardless of the form of transmission, shall
contain the following statement or a substantially similar statement: (b) The lack of a statement as required in subsection (a) of this section does not constitute a defense in any prosecution for a fraudulent insurance act. (c) Policies issued by unauthorized insurers shall contain a statement disclosing the status of the insurer to do business in the state where the policy is delivered or issued for delivery or the state where coverage is in force. The requirement of this subsection may be satisfied by a disclosure specifically required by § 23-65-307. (d) The requirements of this section shall not apply to reinsurance proofs of loss or applications. |
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GROUP POLICIES |
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Extra-Territorial Approval Authority |
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HOMEOWNERS LIABILITY |
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INSURANCE TO VALUE |
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LIBERALIZATION CLAUSE |
Noncomplying provisions. Any commercial property and casualty insurance policy, contract, rider, or endorsement issued after March 13, 1987, and otherwise valid that contains any condition or provision not in compliance with the requirements of this subchapter shall be construed and applied in accordance with the provisions of this subchapter. |
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LIMITS |
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LOSS PAYEE |
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LOSS SETTLEMENTS |
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Appraisal |
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. |
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Action Against Company |
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. |
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After Market Parts |
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Arbitration |
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. |
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Deductibles |
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Defense Costs |
(5)(A) Policies containing provisions which would reduce the limit of liability available for judgments or settlements by the amount of payment made for defense cost or claim expenses shall not be approved by the Insurance Commissioner unless a separate limit for defense costs equal to one hundred percent (100%) of the annual aggregate limit of liability stated in the policy for judgments or settlements is offered for defense costs or claims expenses to the insured. However, no policy covering automobile liability insurance may contain the defense within the limits concept. (B) This subsection shall not apply to policies or contracts which the commissioner may exempt by order upon a finding that this subsection may not practically be applied or that its application is not necessary or desirable for the protection of the public DOESN’T APPLY TO PERSONAL LINES. |
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Loss Valuation |
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NOTICE REQUIREMENTS |
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Payment of Loss Time Period |
23-63-107. Prompt processing of payment by insurer. (a) No insurer shall intentionally or unreasonably delay, for more than three (3) business days after presentment for collection, the processing of any properly executed and endorsed check or draft issued in settlement of an insurance claim. (b) It is the intent of the General Assembly that insureds or claimants shall be paid their settlement proceeds at the earliest possible time. (c) Any insurer violating this section shall pay the insured or claimant a penalty of two hundred dollars ($200) or fifteen percent (15%) of the face amount of the check or draft, whichever is higher. |
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Appraisal |
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. |
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MEDICAL PAYMENTS |
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MINIMUM STANDARDS FOR CONTENT (POLICIES AND STANDARD FORMS) |
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. |
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MORTGAGEE/LIENHOLDER |
(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 |
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ORDINANCE/LAW PROVISIONS |
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PARTICIPATING POLICIES |
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PERMISSIBLE DRIVER |
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Insurers are notified that no driver or operator exclusion is acceptable for use on an automobile policy unless the exclusionary endorsement includes a provision for the signature of the named insured(s), accepting and acknowledging the restricted coverage. (3) Forms or endorsements issued after the policy inception date not at the request of the named insured which reduce, restrict, or modify the original policy coverage must be accepted and signed by the named insured; |
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PERSONAL INJURY PROTECTION |
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PREMIUM AUDIT |
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PRIMARY/UNDERLYING COVERAGE |
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PRIOR APPROVAL |
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PUNITIVE DAMAGES |
(8) Policies containing an exclusion for punitive damages must include a definition of punitive damages substantially similar to the following: "Punitive damages" are damages that may be imposed to punish a wrongdoer and to deter others from similar conduct. |
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READABILITY |
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(a) All policies which, under subsection (b) of this section, must comply with this subsection shall be simplified, taking into consideration the following factors: (1) Use of simple sentence structure and short sentences; (2) Use of commonly understood words; (3) Avoidance of technical legal terms wherever possible; (4) Minimal reference to other sections or provisions of the policy; (5) Organization of text; and (6) Legibility. The Insurance Commissioner shall disapprove any form filed under § 23-79-109, or withdraw any previous approval, only if the form: … (4) Is printed or otherwise reproduced in such manner as to render any provision of the form substantially illegible or not easily legible to persons of normal vision; |
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REBATES |
a) No property, casualty, or surety insurer or any employee thereof and no broker, agent, or solicitor shall pay, allow, or give, or offer to pay, allow, or give, directly or ind(irectly, as an inducement to insure or after insurance has been effected, any rebate, discount, abatement, credit, or reduction of the premium named in a policy of insurance, or any special favor or advantage in the dividends or other benefits to accrue thereon, or any valuable consideration or inducement whatever not specified in the policy, except to the extent provided for in an applicable filing with the Insurance Commissioner as provided by law. (b) No insured named in a policy, nor any employee of the insured, shall knowingly receive or accept, directly or indirectly, any such rebate, discount, abatement, credit, or reduction of premium, or any special favor or advantage or valuable consideration or inducement. (c) Nothing in this section shall be construed as prohibiting the payment of commissions or other compensation to licensed agents, brokers, or solicitors, nor shall it be construed as prohibiting any insurer from allowing or returning to its participating policyholders, members, or subscribers any dividends, savings, or unabsorbed premium deposits. |
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STANDARD FIRE POLICY |
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SUBROGATION |
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Suit |
16-56-111; Dept. position |
There are many variations to the statute of limitations in Arkansas. Rather than giving a specific time period that may violate certain statutes under certain circumstances we prefer the language “the time allowed by law”. |
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TIMELINESS |
16-56-111; Dept. position |
There are many variations to the statute of limitations in Arkansas. Rather than giving a specific time period that may violate certain statutes under certain circumstances we prefer the language “the time allowed by law”. |
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UNINSURED/UNDERINSURED MOTORISTS |
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USE & FILE |
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WATER/SEWER BACK-UP |
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VALUED POLICIES |
23-88-101. Valued policy law. (a) In case of a total loss by fire or natural disaster of the property insured, a property insurance policy other than for flood and earthquake insurance shall be held and considered to be a liquidated demand against the company taking the risk for the full amount stated in the policy or the full amount upon which the company charges, collects, or receives a premium. (b) However, the provisions of this section shall not apply to personal property or detached or appurtenant structures |
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VICARIOUS LIABILITY |
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VOIDANCE |
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WARRANTIES |
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WORKERS’ COMPENSATION OR EXCESS |
See Workers’ Compensation Checklist |
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OTHER |
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RATE, RULE, RATING PLAN, CLASSIFICATION, AND TERRITORY FILING REQUIRMENTS |
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INDIVIDUAL RISK RATING |
(E) Upon the written application of the insured, stating his or her reasons therefor, filed with and approved by the commissioner, a rate in excess of that provided by a filing otherwise applicable may be used on any specific risk |
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ACTUARIAL CERTIFICATIONS FOR RATES |
Actuarial certification is recommended but not required. However, Rule & Reg 57 allows the Dept to submit the filing to an independent actuary and charge for Department expense for independent actuarial review of previously disapproved rate/rule filing set for hearing at filer’s request (excluding Workers’ Compensation which is not subject to a monetary cap) EXPENSE AS INCURRED BUT NOT TO EXCEED------------------$1500 |
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ADOPTIONS OF RATE SERVICE ORGANIZATIONS (RSO) FILINGS |
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Loss Costs |
Actuarial certification is recommended but not required. However, Rule & Reg 57 allows the Dept to submit the filing to an independent actuary and charge for Department expense for independent actuarial review of previously disapproved rate/rule filing set for hearing at filer’s request (excluding Workers’ Compensation which is not subject to a monetary cap) EXPENSE AS INCURRED BUT NOT TO EXCEED------------------$1500 |
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CONSENT-TO-RATE |
(c) Consent to Excessive Rate. Upon written consent of the insured stating his or her reasons therefor, a rate in excess of that provided by an otherwise applicable filing may be used on a specific risk. The "consent-to-rate" shall be on a form signed by the insured that includes a statement that the insured consents to a rate in excess of the filed rate. This form shall remain on file with the producing agent or broker. |
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CREDIT SCORING AND REPORTS |
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CATASTROPHE HAZARDS |
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CREDIBILITY AND OTHER FACTORS |
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DEFENSE COSTS |
5)(A) Policies containing provisions which would reduce the limit of liability available for judgments or settlements by the amount of payment made for defense cost or claim expenses shall not be approved by the Insurance Commissioner unless a separate limit for defense costs equal to one hundred percent (100%) of the annual aggregate limit of liability stated in the policy for judgments or settlements is offered for defense costs or claims expenses to the insured. However, no policy covering automobile liability insurance may contain the defense within the limits concept. (B) This subsection shall not apply to policies or contracts which the commissioner may exempt by order upon a finding that this subsection may not practically be applied or that its application is not necessary or desirable for the protection of the public.
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DISCOUNTS |
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EXPIRATION DATE(S) FOR APPROVED RATES |
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MID TERM CHANGES |
(3) Forms or endorsements issued after the policy inception date not at the request of the named insured which reduce, restrict, or modify the original policy coverage must be accepted and signed by the named insured; |
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GROUP POLICIES |
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Extra-Territorial Approval Authority |
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LOSS RATIO STANDARDS |
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LOSS COST MULTIPLIERS |
23-67-206. Exemptions. (a) In a competitive market, property and casualty insurance for commercial risks, excluding workers' compensation, employers' liability, and professional liability insurance, including, but not limited to, medical malpractice insurance, are exempted from the rate filing and review provisions set forth in this chapter. (b) Risks or portions thereof which are not rated according to manuals, rating plans, or schedules including "a" rates, risks rated under the "referral to company" or "individual risk situations" rules, are exempted from the rate filing and review provisions set forth in this chapter. Insurers must maintain complete files on how they determined the rate for such risks and make these files available to the Insurance Commissioner upon request. (c) The commissioner, upon his or her own initiative or upon request of any person, by order, may exempt any market, segment, or line from any or all of the provisions of this chapter if and to the extent that he or she finds the exemption necessary to achieve the purposes of this chapter. |
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PREMIUM REFUND OR RETENTION |
(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. |
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PRICING |
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Charges |
This section deals with Illegal dealing with premiums and excess charges. It is too large to include here. See link to left. |
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Minimum Premium Rules |
(11) "Rates" or "supplementary rate information" includes any manual or plan of rates, classification, rating schedule, minimum premium, policy fee, rating rule, and any other similar information needed to determine the applicable rate in effect or to be in effect |
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Multi-tier |
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Nothing specific in the code. AR allows multi-tier rating with sufficient justification. |
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Payment Plans |
(2) "Premium" is the consideration for insurance, by whatever name called. Any assessment, or any membership, policy, survey, inspection, service, or similar fee or charge in consideration for a policy is deemed part of the premium. |
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Premiums |
(2) "Premium" is the consideration for insurance, by whatever name called. Any assessment, or any membership, policy, survey, inspection, service, or similar fee or charge in consideration for a policy is deemed part of the premium. |
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Service Charges |
(2) "Premium" is the consideration for insurance, by whatever name called. Any assessment, or any membership, policy, survey, inspection, service, or similar fee or charge in consideration for a policy is deemed part of the premium. |
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Surcharges |
(2) "Premium" is the consideration for insurance, by whatever name called. Any assessment, or any membership, policy, survey, inspection, service, or similar fee or charge in consideration for a policy is deemed part of the premium. |
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Other Fees |
(2) "Premium" is the consideration for insurance, by whatever name called. Any assessment, or any membership, policy, survey, inspection, service, or similar fee or charge in consideration for a policy is deemed part of the premium. |
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RATE RANGES |
Rate ranges are only allowed when they are filed in compliance with 23-67-201(a) “ Rates may be modified to produce premiums for individual risks in accordance with filed rating plans which establish standards for measuring variations in hazards or expense provisions. Those standards may measure differences among risks that can be demonstrated to have a probable effect upon losses or expenses. The modification shall apply to all risks under the same or substantially the same circumstances or conditions. (b) This provision does not apply to filed modification plans which may be offered to an insured including, but not limited to, retrospective rating plans and composite rating plans.” |
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RATING PLAN REQUIREMENTS |
23-67-206. Exemptions. (a) In a competitive market, property and casualty insurance for commercial risks, excluding workers' compensation, employers' liability, and professional liability insurance, including, but not limited to, medical malpractice insurance, are exempted from the rate filing and review provisions set forth in this chapter. (b) Risks or portions thereof which are not rated according to manuals, rating plans, or schedules including "a" rates, risks rated under the "referral to company" or "individual risk situations" rules, are exempted from the rate filing and review provisions set forth in this chapter. Insurers must maintain complete files on how they determined the rate for such risks and make these files available to the Insurance Commissioner upon request. (c) The commissioner, upon his or her own initiative or upon request of any person, by order, may exempt any market, segment, or line from any or all of the provisions of this chapter if and to the extent that he or she finds the exemption necessary to achieve the purposes of this chapter. |
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IRPM |
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Expense Modification Plan |
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Experience Rating |
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Large Deductible |
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Retrospective Rating |
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Schedule Rating |
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Small Deductible |
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Wrap-up Rating |
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RATE/LOSS COST SUPPORTING INFORMATION |
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Competition |
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Expenses |
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Experience |
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Judgment |
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Credibility |
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Profit Loading |
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RETURN ON EQUITY/INVESTMENT INCOME |
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SUPPORTING DATA |
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TRENDING |
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OTHER |
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