§ 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 […]
§ 23-102-118. Exemption from Arkansas Property and Casualty Insurance Guaranty Act
Notwithstanding any other provision of law to the contrary, neither the Arkansas Earthquake Authority nor its policyholders shall be subject to the provisions of or be eligible for the benefits provided by the Arkansas Property and Casualty Insurance Guaranty Act, § 23-90-101 et seq.
§ 23-102-103. Definitions
As used in this chapter: (1) “Authority” means the Arkansas Earthquake Authority; (2) “Board” means the Board of the Arkansas Earthquake Authority; (3) “Commissioner” means the Insurance Commissioner; (4) “Event” means an earthquake and all subsequent earthquakes occurring within the following seventy-two-hour period; (5) “Insurer” means all property insurers as defined in § 23-62-104 and […]
§ 23-102-119. Termination of Arkansas Earthquake Authority
Upon termination of the Arkansas Earthquake Authority by the General Assembly or the Insurance Commissioner, its remaining funds shall be transferred to the State Insurance Department Trust Fund unless otherwise directed by the General Assembly.
§ 23-102-104. Establishment of Arkansas Earthquake Authority
(a) There is created a nonprofit legal entity to be known as the “Arkansas Earthquake Authority”. The authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. The authority is created as a political subdivision, instrumentality, and body politic of the State of Arkansas and, as such, is […]
§ 23-102-105. Board
(a) The Arkansas Earthquake Authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. There shall be a board of seven (7) members to be appointed by the Insurance Commissioner, which shall meet at least annually to review and prescribe operating rules. The commissioner shall apportion the number […]
§ 23-102-106. Immunity and limitations on liability
There is no liability on the part of and no cause of action of any nature may arise against any participating insurer, the Arkansas Earthquake Authority’s agents or employees, the Board of the Arkansas Earthquake Authority, or the Insurance Commissioner or his or her representatives for any act or omission in the performance of their […]