§ 23-88-101. Valued policy law
(a) (1) Except as provided in subsection (b) of this section, 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 […]
§ 23-88-301. Legislative intent
It is declared by the General Assembly of the State of Arkansas that adequate insurance upon property in the rural areas is necessary to the economic welfare of the state and that while the need for such insurance is increasing, the market for it is not adequate and may become less adequate in the future. […]
§ 23-88-102. Paying costs of volunteer fire department services
(a) The amount charged by a volunteer fire department for the cost of its services in responding to a fire on or an emergency call concerning the property of a nonmember within its district shall not exceed an amount equal to the fair market value of the service rendered, except that a claim for services […]
§ 23-88-302. Definitions
As used in this subchapter: (1) “Association” means the Arkansas Rural Risk Underwriting Association established pursuant to the provisions of this subchapter; (2) “Commissioner” means the Insurance Commissioner; (3) “Insurer” means any person who: (A) Writes any kind of insurance to which this subchapter applies under § 23-88-303, including the exchange of reciprocal or interinsurance […]
§ 23-88-103. Rate credits or reduced rates in rural fire protection districts or areas
(a) (1) It is found and determined by the General Assembly that: (A) Rural fire protection districts are beneficial to all property owners in the districts; (B) Many of the districts are financed wholly or in part by dues or subscription payments made by members of the district; (C) Some owners of property in the […]
§ 23-88-303. Arkansas Rural Risk Underwriting Association — Plan of property insurance
(a) (1) All insurers licensed to transact property insurance, as defined in § 23-62-104, shall become members of the Arkansas Rural Risk Underwriting Association. (2) For the purposes of this section, farmers’ mutual aid associations or companies are insurers and are subject to the assessments and other requirements imposed on insurers under this section. (b) […]
§ 23-88-104. Fire protection to be considered in property insurance rating plans
When making a rate or rule filing, an insurer shall include an impact statement concerning the filing’s effect on fire protection in the affected area unless the insurer utilizes a public protection classification system maintained by a licensed advisory organization.
§ 23-88-304. Governing board
For the plan or plans there shall be a governing board of seven (7) members to be appointed by the Insurance Commissioner, which shall meet at least annually to review and prescribe operating rules and which shall consist of the following members: (1) Four (4) members shall be representatives of foreign insurance companies, with those […]
§ 23-88-105. Notice required prior to expiration of property insurance policy — Definition
(a) Except for nonpayment of premium, the insurer shall give either a written notice of nonrenewal or an offer of renewal at least thirty (30) days prior to the expiration of the policy’s existing term. (b) The insurer shall send the insured a written notice and the insurance producer written or electronic notice of the […]
§ 23-88-106. Expense depreciation applicable when determining value of damaged property in insurance policies — Definitions
(a) As used in this section: (1) “Damaged property” means a damaged dwelling, a damaged structure, damaged personal property, or any other damaged property or service, the damage to which is covered under the terms of an insurance policy; and (2) “Expense depreciation” means depreciation, including but not limited to the cost of goods, materials, […]