§ 23-101-113. Disclosures to debtor
(a) A creditor shall not impose charges, including premium costs and related interest and finance charges, on a debtor for creditor-placed insurance coverage unless adequate disclosure of the requirement to maintain insurance has been made to the debtor. Adequate disclosure is accomplished if the following occurs: (1) The credit agreement sets forth the requirement that […]
§ 23-100-105. Insurers’ antifraud fees — Deposit into State Insurance Department Criminal Investigation Division Trust Fund
The Insurance Commissioner shall deposit all antifraud assessments and any penalties assessed under this chapter, as well as any other income received for purposes set out in § 23-100-103(a), into the State Insurance Department Criminal Investigation Division Trust Fund as special revenues.
§ 23-101-114. Rules
After notice and hearing, the Insurance Commissioner may promulgate reasonable rules to carry out and effectuate the provisions of this chapter.
§ 23-100-106. Rules
The Insurance Commissioner may promulgate reasonable rules deemed necessary for the administration of this chapter.
§ 23-102-101. Short title
This chapter shall be known and may be cited as the “Arkansas Earthquake Authority Act”.
§ 23-100-107. State Insurance Department Criminal Investigation Division Trust Fund — Department vouchers and Auditor of State warrants
(a) All antifraud assessments, penalties, and revenues provided in this chapter received as special revenues for the State Insurance Department Criminal Investigation Division Trust Fund and deposited therein shall be deemed for all purposes special revenues of the fund and of the State Insurance Department for the sole support, operation, and maintenance of the Criminal […]
§ 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 […]
§ 23-101-101. Purpose
The purposes of this chapter are to: (1) Promote the public welfare by regulating creditor-placed insurance; (2) Create a legal framework within which creditor-placed insurance may be written in this state; and (3) Minimize unfair competitive practices in the sale of creditor-placed insurance.
§ 23-101-102. Scope
(a) This chapter applies to an insurer or producer transacting creditor-placed insurance as defined in this chapter. (b) All creditor-placed insurance written in connection with credit transactions for personal, family, or household purposes is subject to the provisions of this chapter, except: (1) Transactions involving extensions of credit primarily for business or commercial purposes; (2) […]
§ 23-101-103. Definitions
As used in this chapter: (1) “Actual cash value” means the cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence; (2) “Blanket insurance” means insurance that provides coverage on collateral as defined in a policy issued to a creditor, without specifically listing the collateral covered; (3) “Collateral” means personal […]