§ 23-67-502. Standards for rates
Rates for malpractice insurance shall not be: (1) (A) Excessive. (B) A rate is excessive if it is likely to produce a profit from an Arkansas business that is unreasonably high in relation to past and prospective loss experience or if expenses are unreasonably high in relation to the product or services rendered; (2) (A) […]
§ 23-67-503. Rating criteria
(a) A malpractice insurer shall consider past and prospective loss experience solely within this state. (b) (1) If insufficient experience exists within this state upon which a rate can be based, the malpractice insurer may consider experience within any other state or states that have similar claim costs and frequency. (2) If sufficient experience from […]
§ 23-67-504. Rate administration
(a) (1) The Insurance Commissioner shall promulgate rules requiring each malpractice insurer to record and report its loss and expense experience and any other data, including reserves, the commissioner considers necessary to determine whether rates comply with the standards set forth in § 23-67-502. (2) The information shall be provided in the form prescribed by […]
§ 23-67-505. Filing of rating information
(a) Every malpractice insurer shall file with the Insurance Commissioner every manual of classifications, rules, and rates, every rating plan, and every modification of any manual classification, rule, or rate that it proposes to use in this state. (b) The expense provisions included in the rates to be used by a malpractice insurer shall reflect […]
§ 23-67-506. Review of filings
(a) All malpractice rate filings shall remain on file for public inspection. (b) Whenever a malpractice insurer files a proposed overall rate increase of twenty percent (20%) or greater, it shall: (1) Publish notice of the filing for three (3) consecutive business days in a newspaper of general circulation in this state; and (2) Furnish […]
§ 23-67-507. Disapproval of rates
The Insurance Commissioner shall follow the procedures set forth in § 23-67-213 when any malpractice rate filing under this subchapter is disapproved.
§ 23-67-508. Administrative procedures
(a) Administrative procedures exercised by the Insurance Commissioner under this subchapter shall be in accordance with §§ 23-61-303 — 23-61-306. (b) (1) Appeals from orders of the commissioner under this subchapter shall be made in accordance with § 23-61-307. (2) Any appeal under this subchapter shall be given precedence over other pending matters so that […]
§ 23-67-509. Provisions cumulative
This subchapter supplements existing law. Only those laws and parts of laws in direct conflict with this subchapter are repealed.
§ 23-67-510. Effective date
This subchapter applies to all malpractice policies issued or renewed on or after January 1, 2006.
§ 23-67-601. Title
This subchapter shall be known and may be cited as the “Interstate Insurance Product Regulation Compact”.