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. […]
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 […]
(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) […]
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 […]
(a) Within sixty (60) days following June 26, 1985, the governing board shall submit the plan to the Insurance Commissioner for his or her approval. (b) When the plan has been approved by the commissioner, all insurance companies authorized to transact the kinds of insurance set forth in § 23-88-303 shall subscribe to and participate […]
(a) (1) The plan shall provide for the efficient, economical, and fair administration of the Arkansas Rural Risk Underwriting Association and shall be consistent with the purposes of this subchapter. Therefore, the plan shall include provisions for the equitable apportionment among the association’s members of the expenses, profits, and losses arising from the association’s rural […]
It being the intention of this subchapter to provide an adequate market for the property insurance coverages defined in this subchapter, no insurer participating in this plan shall be liable for any damages which may result from any extra-contractual liability or for any act or omission of any kind, the insurer’s liability being limited solely […]
(a) In addition to approving the plan of operation, the Insurance Commissioner shall have the authority to promulgate rules necessary to effect the purpose of this subchapter. (b) Further, after review of annual statements, other reports, and any other statistics which the commissioner deems necessary, the commissioner shall certify to the plan the aggregate net […]
Any applicant for a policy, any persons insured under the plan, and any agency or insurer affected by the plan may appeal to the Insurance Commissioner any ruling or decision of the governing board or the authorized representative designated to operate a plan.