§ 23-103-414. Record retention requirements
(a) The title insurer and the title insurance agency shall maintain sufficient records of their affairs, including evidence of underwriting title, determination of insurability, and records of their escrow operations and escrow accounts. (b) The Insurance Commissioner may prescribe the specific records and documents to be kept and the length of time for which the […]
§ 23-103-415. Rules promulgated by Insurance Commissioner
The Insurance Commissioner shall issue rules in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., to implement this subchapter.
§ 23-103-416. Penalties — Liabilities
(a) If the Insurance Commissioner determines that a title insurer, title insurance agency, title insurance agent, or any other person has violated this subchapter or any rule or order promulgated under this subchapter, the commissioner may order: (1) (A) Payment of a monetary penalty not to exceed one thousand dollars ($1,000) for each act or […]
§ 23-103-417. Access to public records
(a) A title insurance agent, a title insurance agency, and a person affiliated with a title insurance agency shall: (1) Have free access to the instruments of record affecting real property filed in any city, county, or state office; and (2) Be permitted to: (A) Occupy reasonable space, use equipment, and make memoranda, notations, and […]
§ 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 […]
§ 23-102-108. 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 […]