§ 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 […]
§ 23-102-107. Plan of operation — Suspension of operation — Dissolution
(a) (1) The Board of the Arkansas Earthquake Authority shall adopt a plan of operation pursuant to this chapter and shall submit to the Insurance Commissioner for approval the plan of operation, including the Arkansas Earthquake Authority’s bylaws and operating rules and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable […]
§ 23-102-101. Short title
This chapter shall be known and may be cited as the “Arkansas Earthquake Authority Act”.
§ 23-102-102. Legislative findings and intent
(a) The threat of or the actual occurrence of a major earthquake poses serious consequences for the State of Arkansas and its citizens. Of particular concern is the magnitude of damage to residential homeowner and farmowner dwellings and whether or not these structures are adequately insured. (b) The market for residential earthquake insurance within the […]