§ 23-102-108. Powers
(a) The Board of the Arkansas Earthquake Authority shall have the general powers and authority granted under the laws of the State of Arkansas and in addition thereto, the specific authority to: (1) Enter into contracts as are necessary or proper to carry out the provisions and purposes of this chapter; (2) Assess insurers pursuant […]
§ 23-102-109. Market Assistance Program
(a) The Board of the Arkansas Earthquake Authority shall develop and implement a Market Assistance Program to assist insureds in procuring residential earthquake coverage in the voluntary market. This shall be accomplished by providing those seeking residential earthquake coverage with a list of insurers participating in the program. (b) Insurers may participate in the program […]
§ 23-102-110. Coverages accessible through Arkansas Earthquake Authority
(a) As long as the Market Assistance Program has at least one (1) approved insurer, no residential earthquake coverage shall be issued by the Arkansas Earthquake Authority, except as provided in subsection (b) of this section. (b) If there are no approved insurers in the program or if after notice and hearing, the Board of […]
§ 23-102-111. Administration of Arkansas Earthquake Authority
(a) The Board of the Arkansas Earthquake Authority may either appoint an Executive Director of the Arkansas Earthquake Authority or may select a Plan Administrator of the Arkansas Earthquake Authority. If an executive director is chosen, he or she shall hire all staff necessary to enable him or her to discharge the duties imposed under […]
§ 23-102-112. Funding
(a) Rates. (1) The Arkansas Earthquake Authority shall establish rates for plan coverage. These rates and rating schedules may be adjusted for appropriate factors such as geographical variation in claim costs, retrofitting, and other mitigation efforts and shall take into consideration appropriate factors in accordance with established actuarial and underwriting practices. (2) The rates charged […]
§ 23-102-113. Policy standards
(a) The Arkansas Earthquake Authority shall offer a residential earthquake policy with dwelling coverage in amounts up to one hundred thousand dollars ($100,000). (b) Coverage for personal property and additional living expenses shall be provided as determined by the Board of the Arkansas Earthquake Authority in the plan of operation. (c) The applicable deductible for […]
§ 23-102-114. Notice and declination
(a) Existing Policyholders. (1) (A) Insurers writing homeowner, farmowner, fire and allied lines, excluding commercial policies and crop hail, shall notify policyholders who do not maintain residential earthquake insurance or who maintain residential earthquake insurance at amounts less than one hundred percent (100%) of the insured value of the dwelling, of their potential eligibility for […]
§ 23-102-115. Appeal
Any applicant for a policy, any persons insured under the Market Assistance Program or the Arkansas Earthquake Authority, and any agency or insurer affected by the program or authority may appeal to the Insurance Commissioner any ruling or decision of the Board of the Arkansas Earthquake Authority, and the commissioner may consider the appeal under […]
§ 23-102-116. Rules
The Insurance Commissioner is authorized to promulgate such reasonable rules as are necessary to carry out the provisions of this chapter.
§ 23-102-117. Federal or multistate catastrophic funds
In the event a federal or multistate catastrophic insurance or reinsurance program intended to serve purposes similar to the purposes of the Market Assistance Program or the Arkansas Earthquake Authority is created, the Board of the Arkansas Earthquake Authority shall promptly take appropriate actions to coordinate with the federal or multistate program to the extent […]