§ 23-66-201. Title
This subchapter may be referred to as the “Trade Practices Act”.
§ 23-66-202. Purpose
(a) The purpose of this subchapter is to regulate trade practices in the business of insurance in accordance with the intent of the United States Congress as expressed in Pub. L. No. 79-15 by defining, or providing for the determination of, all practices in this state which constitute unfair methods of competition or unfair or […]
§ 23-66-203. Definitions
As used in this subchapter: (1) “Commissioner” means the Insurance Commissioner of this state; (2) (A) “Depository institution” means a bank or savings association. (B) The terms “depository institution” or “depository corporation” do not include an insurance company; (3) “Insurance policy” or “insurance contract” means any contract of insurance, indemnity, medical or hospital service, suretyship, […]
§ 23-66-204. Provisions of subchapter additional to existing law
The powers vested in the Insurance Commissioner by this subchapter shall be additional to any other powers to order restitution or enforce any penalties, fines, or forfeitures authorized by law with respect to the methods, acts, and practices declared to be unfair or deceptive.
§ 23-66-205. Unfair competition or unfair or deceptive acts or practices prohibited
No person shall engage in this state in any trade practice which is defined in this subchapter as being, or determined pursuant to this subchapter to be, an unfair method of competition or an unfair or deceptive act or practice in the business of insurance. This subchapter shall apply to policies and contracts of surplus […]
§ 23-66-206. Unfair methods of competition and unfair or deceptive acts or practices defined
The following are defined as unfair methods of competition and unfair or deceptive acts or practices in the business of insurance: (1) “Boycott, coercion, and intimidation” means entering into any agreement to commit or, by any concerted action, committing any act of boycott, coercion, or intimidation resulting in or tending to result in unreasonable restraint […]
§ 23-66-207. Rules to identify prohibited methods of competition, acts, or practices
(a) The Insurance Commissioner may, after notice and hearing, promulgate reasonable rules, as are necessary or proper to identify specific methods of competition or acts or practices which are prohibited by § 23-66-206 or § 23-66-312, but the rules shall not enlarge upon or extend the provisions of those sections. (b) The rules shall be […]
§ 23-66-208. Power of commissioner to examine and investigate
(a) The Insurance Commissioner shall have power to examine and investigate the affairs of every person engaged in the business of insurance in this state in order to determine whether the person has been or is engaged in any unfair method of competition or in any unfair or deceptive act or practice prohibited by § […]
§ 23-66-209. Hearings — Procedures
(a) (1) Whenever the Insurance Commissioner has reason to believe that any person has been engaged or is engaging in this state in any unfair method of competition or any unfair or deceptive act or practice, whether or not defined in § 23-66-206 or § 23-66-312 and that a proceeding by the commissioner in respect […]
§ 23-66-210. Cease and desist and penalty orders — Modifications
(a) If after the hearing the Insurance Commissioner shall determine that the person charged has engaged in an unfair method of competition or an unfair or deceptive act or practice, the commissioner shall reduce his or her findings to writing and shall issue and cause to be served upon the person charged with the violation […]
§ 23-66-211. Penalty for violation of cease and desist orders
Any person who violates a cease and desist order of the Insurance Commissioner under § 23-66-210 while the order is in effect may, after notice and hearing upon order of the commissioner, be subject at the discretion of the commissioner to any one (1) or more of the following: (1) A monetary penalty of not […]
§ 23-66-212. Judicial review of cease and desist orders
(a) (1) Any person subject to an order of the Insurance Commissioner under § 23-66-210 or § 23-66-211 may obtain a review of the order by filing in the Pulaski County Circuit Court, within thirty (30) days from the date of the service of the order, a written petition praying that the order of the […]
§ 23-66-213. Judicial review by intervenor
(a) If, after a hearing under § 23-66-210 or § 23-66-211, the report of the Insurance Commissioner does not charge a violation of this subchapter, then any intervenor in the proceedings may within thirty (30) days after the service of the report cause a petition, notice of appeal, or petition for writ of certiorari to […]
§ 23-66-215. Penalty for late payment of claims by health carriers
(a) (1) A health carrier shall pay a penalty of twelve percent (12%) per annum for late payment of claims under a health insurance contract pursuant to rules promulgated by the Insurance Commissioner, without necessity for demand for payment by a claimant. (2) Hiring a third-party administrator or other person to process claims shall not […]