(a) This chapter shall be liberally construed to achieve the purposes stated in subsection (b) of this section, which shall constitute an aid and guide to interpretation but not an independent source of power. (b) The purposes of this chapter are to: (1) Promote the public welfare by regulating insurance rates to the end that […]
As used in this chapter, unless the context otherwise requires: (1) (A) (i) “Advisory organization” or “rate service organization” means any entity which either has two (2) or more member insurers or is controlled either directly or indirectly by two (2) or more insurers, licensed under § 23-67-214, and which assists insurers in ratemaking-related activities […]
This chapter applies to all kinds of insurance written on risks in this state by any insurers authorized to do business in this state, except: (1) Life insurance; (2) Annuities; (3) Disability, including accident and health, insurance; (4) Ocean marine insurance; (5) Reinsurance; (6) Aircraft insurance; (7) Title insurance; (8) Workers’ compensation and employers’ liability […]
Nothing in this chapter shall be construed to prohibit the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers.
(a) Whenever the Insurance Commissioner shall have reason to believe that any person has violated any provision of this chapter, he or she shall issue and serve upon the person a statement of the alleged violations and a notice of hearing as provided by § 23-67-221 [repealed]. (b) If, after a hearing, the commissioner determines […]
(a) In a competitive market, property and casualty insurance for commercial risks, excluding workers’ compensation, employers’ liability, and professional liability insurance, including, but not limited to, medical malpractice insurance, are exempted from the rate filing and review provisions set forth in this chapter. (b) Risks or portions thereof which are not rated according to manuals, […]
(a) If the Insurance Commissioner has cause to believe that a reasonable degree of competition does not exist in a market, the commissioner shall hold a hearing. In determining whether a reasonable degree of competition exists, insurers operating within that market shall have the burden of establishing that a reasonable degree of competition exists within […]
(a) Rates shall not be excessive, inadequate, or unfairly discriminatory. (b) A rate in a competitive market is assumed not to be excessive. A rate is excessive in a competitive or noncompetitive market if it is likely to produce a profit from Arkansas business that is unreasonably high in relation to past and prospective loss […]
(a) Due consideration must be given to past and prospective loss and expense experience within and outside this state, to catastrophe hazards and contingencies, to events or trends within and outside this state, to loadings for leveling rates over a period of time, to dividends or savings to be allowed or returned by insurers to […]
(a) Rates may be modified to produce premiums for individual risks in accordance with filed rating plans which establish standards for measuring variations in hazards or expense provisions. Those standards may measure differences among risks that can be demonstrated to have a probable effect upon losses or expenses. The modification shall apply to all risks […]
(a) Filings as to Competitive Markets. (1) (A) (i) In a competitive market, every insurer shall file with the Insurance Commissioner all rates, supplementary rate information, and supporting information for risks which are to be written in this state. (ii) The rates and information shall be filed twenty (20) days prior to the effective date. […]
(a) (1) Rates filed pursuant to this section shall be filed in such form and manner as prescribed by the Insurance Commissioner. (2) An insurer may satisfy its obligation to file supplementary rate information or supporting information by filing a reference to a filing made by an advisory organization, with or without deviation. (b) Each […]
(a) Basis of Disapproval. (1) The Insurance Commissioner may disapprove a rate without a hearing if the insurer fails to file the information required pursuant to this chapter. (2) The commissioner may disapprove a rate without a hearing if he or she finds that the rate is excessive, inadequate, or unfairly discriminatory under § 23-67-208(b), […]
(a) No advisory organization shall provide any service relating to the rates of any insurance subject to this chapter, and no insurer shall utilize the services of the organization for those purposes unless the organization has obtained a license from the Insurance Commissioner. (b) No advisory organization shall refuse to supply any services for which […]
(a) Monopolies. No insurer or advisory organization shall attempt to monopolize or to combine or conspire with any other person to monopolize an insurance market or make any arrangement with any other insurer, advisory organization, or other person which has the purpose or effect of unreasonably restraining trade or of substantially lessening competition in the […]
Any advisory organization, in addition to other activities permitted, is authorized to: (1) Develop statistical plans, including territorial and class definitions; (2) Collect statistical data from members, subscribers, or any other source; (3) Prepare and distribute pure premium data, adjusted for loss development and loss trending, in accordance with its statistical plans; (4) Prepare, distribute, […]
Every advisory organization shall file with the Insurance Commissioner every advisory document pursuant to § 23-67-216 thirty (30) days prior to the effective date. The commissioner may extend the review period an additional thirty (30) days by written notice to the filer before the thirty-day period expires.
(a) The Insurance Commissioner may adopt reasonable rules for use by companies to record and report to the commissioner rates and other information determined by the commissioner to be necessary or appropriate for the administration of this chapter and for the effectuation of its purposes. (b) (1) The commissioner may designate an advisory organization to […]
With regard to workers’ compensation and employers’ liability insurance incidental thereto and written in connection therewith, the following provisions shall apply: (1) (A) Every insurer shall file with the Insurance Commissioner every manual of classifications, rules and rates, every rating plan, and every modification of any of the foregoing which it proposes to use for […]
(a) The Insurance Commissioner may examine any insurer, pool, advisory organization, or residual market mechanism as he or she deems necessary to ascertain compliance with this chapter. (b) Every insurer, pool, advisory organization, and residual market mechanism shall maintain reasonable records of the type and kind reasonably adapted to its method of operation containing its […]
