Arkansas Administrative Code

23 CAR § 83-101. Scope. All life insurance and all disability insurance sold in connection with loans or other credit transactions shall be subject to the provisions of this part, except such insurance sold in connection with a loan or credit transaction of more than ten (10) yea…

23 CAR § 83-102. Definitions. All terms used herein shall be as defined herein unless otherwise defined in the Model Act for the Regulation of Credit Life Insurance and Credit Disability Insurance, Arkansas Code § 23-87-101 et seq.

23 CAR § 83-103. Disclosure provisions. (a) All credit life insurance and credit disability insurance shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy or group certificate of insurance shall be de…

23 CAR § 83-104. Filing and approval of forms and rates. (a)(1) Every insurance company, when submitting a policy form for approval by the Insurance Commissioner shall submit therewith the schedule of rates applicable to such policy form. (2) The face page of each such form or sc…

23 CAR § 83-107. Standards and principles for application of the credit disability rates. (a) The standards and principles for the application of the rates set forth in 23 CAR § 83-106 are as follows: (1) The initial amount of insured indebtedness to which the rate is applied sha…

23 CAR § 83-108. Credit life and credit disability forms at higher rates or lower rates. (a) Notwithstanding the determination by the Insurance Commissioner that the rates specified in 23 CAR §§ 83-105 and 83-106 are the presumably acceptable maximum rates that are reasonable in …

23 CAR § 83-109. Additional coverages. If a company proposes to write any type of coverage with rates other than those set forth in 23 CAR §§ 83-104 – 83-107, it may request the Insurance Commissioner to set a hearing to determine: (1) If a public need exists for such coverage; a…

23 CAR § 83-110. Refund formula. (a) With respect to policies issued and certificates delivered after the effective operative date of this part: (1) The refund of an unearned amount paid by or charged to the debtor for insurance in the case of reducing term credit life insurance …

23 CAR § 83-111. Claims and review procedure. (a)(1) The insurance company shall: (A) Be responsible for the settlement, adjustment, and payment of all claims; and (B) Establish and maintain adequate claim files, which may be reviewed and examined by the Insurance Commissioner. (…

23 CAR § 83-112. Financial statement reserves. In order to ensure that sufficient funds will be available to make the refunds required by the policy and this part and to guarantee promised benefits to policyholders: (1) The aggregate reserves for each credit life insurance policy…

23 CAR § 83-113. Statistical requirements and reporting. (a) Carriers writing credit life insurance and credit disability insurance in Arkansas shall be required to keep statistical data subject to call in such form and manner as to enable the Insurance Commissioner to determine …

23 CAR § 83-114. Agent compensation. (a) As to credit life or credit disability insurance written by or through a creditor, any affiliate, associate, subsidiary, director, officer, employee, or other representative of or for such creditor, or by or through any agent or broker, al…

23 CAR § 83-115. Level term coverage. (a) All applications and, where no application is used, all policies or certificates of insurance, written on the level term coverage shall contain a separate statement acknowledging the fact that the coverage is on the level term coverage. (…

23 CAR § 83-116. Compensating balances or special deposits. (a) On or after adoption of this part the use of compensating balances or special deposit accounts in connection either directly or indirectly with a credit life insurance program and/or a credit disability insurance pro…

23 CAR § 83-117. Issuance of policies. (a) All policies of credit life insurance and credit disability insurance shall be: (1) Delivered or issued for delivery in this state only by an insurer authorized to transact insurance business therein; and (2) Issued only through holders …

23 CAR § 83-118. Penalties. In addition to any penalty provided by law, the Insurance Commissioner, in his or her discretion, may also revoke or suspend the license or Certificate of Authority of any person guilty of any violation of this part in accordance with Arkansas Code § 2…

23 CAR § 84-101. Purpose. The purpose of this part is to: (1) Implement the Long-Term Care Insurance Act of 2005, Arkansas Code § 23-97-301 et seq.; (2) Promote the public interest; (3) Promote the availability of long-term care insurance coverage; (4) Protect applicants for long…

23 CAR § 84-102. Applicability and scope. (a) Except as otherwise specifically provided, this part applies to all: (1) Long-term care insurance policies, including qualified long-term care contracts and life insurance policies that accelerate benefits for long-term care delivered…

23 CAR § 84-103. Definitions. (a) For the purpose of this part, the terms “long-term care insurance”, “qualified long-term care insurance”, “group long-term care insurance”, “commissioner”, “applicant”, “policy”, and “certificate” shall have the meanings set forth in Arkansas Cod…

23 CAR § 84-104. Policy definitions. (a) No long-term care insurance policy delivered or issued for delivery in this state shall use the terms set forth below, unless the terms are defined in the policy and the definitions satisfy the following requirements: (1) “Activities of da…

23 CAR § 84-105. Policy practices and provisions. (a) Renewability. (1) The terms “guaranteed renewable” and “noncancellable” shall not be used in any individual long-term care insurance policy without further explanatory language in accordance with the disclosure requirements of…

23 CAR § 84-106. Unintentional lapse. Each insurer offering long-term care insurance shall, as a protection against unintentional lapse, comply with the following: (1)(A) Notice before lapse or termination. (i) No individual long-term care policy or certificate shall be issued un…

23 CAR § 84-107. Required disclosure provisions. (a) Renewability. (1)(A) Individual long-term care insurance policies shall contain a renewability provision. (B) The provision shall: (i) Be appropriately captioned; (ii) Appear on the first page of the policy; and (iii) Clearly s…

23 CAR § 84-108. Required disclosure of rating practices to consumers. (a) This section shall apply as follows: (1) Except as provided in subdivision (a)(2) of this section, this section applies to any long-term care policy or certificate issued in this state on or after six (6) …

23 CAR § 84-109. Initial filing requirements. (a) This section applies to any long-term care policy issued in this state on or after six (6) months from the effective date of this part. (b) An insurer shall provide the information listed in this subsection to the Insurance Commis…

23 CAR § 84-110. Prohibition against post-claims underwriting. (a) All applications for long-term care insurance policies or certificates except those that are guaranteed issue shall contain clear and unambiguous questions designed to ascertain the health condition of the applica…

23 CAR § 84-111. Minimum standards for home health and community care benefits in long-term care insurance policies. (a) A long-term care insurance policy or certificate shall not, if it provides benefits for home healthcare or community care services, limit or exclude benefits b…

23 CAR § 84-112. Requirement to offer inflation protection. (a)(1) No insurer may offer a long-term care insurance policy unless the insurer also offers to the policyholder in addition to any other inflation protection the option to purchase a policy that provides for benefit lev…

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23 CAR § 84-114. Reporting requirements. (a) Every insurer shall maintain records for each agent of: (1) That agent’s amount of replacement sales as a percent of the agent’s total annual sales; and (2) The amount of lapses of long-term care insurance policies sold by the agent as…

23 CAR § 84-115. Licensing and producer training requirements. (a)(1) A producer is not authorized to sell, solicit, or negotiate with respect to long-term care insurance except as authorized by Arkansas Code § 23-64-501 et seq. (2)(A) An individual may not sell, solicit, or nego…

23 CAR § 84-116. Discretionary powers of commissioner. The Insurance Commissioner may, upon written request and after an administrative hearing, issue an order to modify or suspend a specific provision or provisions of this part with respect to a specific long-term care insurance…

23 CAR § 84-117. Reserve standards. (a)(1)(A) When long-term care benefits are provided through the acceleration of benefits under group or individual life policies or riders to such policies, policy reserves for the benefits shall be determined in accordance with Arkansas Code §…

23 CAR § 84-118. Loss ratio. (a) This section shall apply to all long-term care insurance policies or certificates except those covered under 23 CAR §§ 84-109 and 84-119. (b)(1) Benefits under long-term care insurance policies shall be deemed reasonable in relation to premiums pr…

23 CAR § 84-119. Premium rate schedule increases. (a) This section shall apply as follows: (1) Except as provided in subdivision (a)(2) of this section, this section applies to any long-term care policy or certificate issued in this state on or after July 1, 2006; and (2) For cer…

23 CAR § 84-120. Filing requirement. Prior to an insurer or similar organization offering group long-term care insurance to a resident of this state pursuant to Arkansas Code § 23-97-301 et seq., it shall file with the Insurance Commissioner evidence that the group policy or cert…

23 CAR § 84-121. Filing requirements for advertising. (a)(1) Every insurer, healthcare service plan, or other entity providing long-term care insurance or benefits in this state shall file a copy of any long-term care insurance advertisement intended for use in this state whether…

23 CAR § 84-122. Standards for marketing. (a) Every insurer, healthcare service plan, or other entity marketing long-term care insurance coverage in this state, directly or through its producers, shall: (1) Establish marketing procedures and agent training requirements to ensure …

23 CAR § 84-123. Suitability. (a) This section shall not apply to life insurance policies that accelerate benefits for long-term care. (b) Every insurer, healthcare service plan, or other entity marketing long-term care insurance (the “issuer”) shall: (1) Develop and use suitabil…

23 CAR § 84-124. Prohibition against preexisting conditions and probationary periods in replacement policies or certificates. If a long-term care insurance policy or certificate replaces another long-term care policy or certificate, the replacing insurer shall waive any time peri…

23 CAR § 84-125. Availability of new services or providers. (a)(1) An insurer shall notify policyholders of the availability of a new long-term policy series that provides coverage for new long-term care services or providers material in nature and not previously available throug…

23 CAR § 84-126. Right to reduce coverage and lower premiums. (a)(1) Every long-term care insurance policy and certificate shall include a provision that allows the policyholder or certificate holder to reduce coverage and lower the policy or certificate premium in at least one (…

23 CAR § 84-127. Nonforfeiture benefit requirement. (a) This section does not apply to life insurance policies or riders containing accelerated long-term care benefits. (b) To comply with the requirement to offer a nonforfeiture benefit pursuant to the provisions of Arkansas Code…

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23 CAR § 84-129. Additional standards for benefit triggers for qualified long-term care insurance contracts. (a) For purposes of this section the following definitions apply: (1)(A) “Chronically ill individual” has the meaning prescribed for this term by I.R.C. § 7702B(c)(2), as …

23 CAR § 84-130. Standard format outline of coverage. (a) This section implements, interprets, and makes specific the provisions of Arkansas Code § 23-97-312 in prescribing a standard format and the content of an outline of coverage. (b) The outline of coverage shall be a freesta…

23 CAR § 84-131. Requirement to deliver shopper’s guide. (a) A long-term care insurance shopper’s guide in the format developed by the National Association of Insurance Commissioners or a guide developed or approved by the Insurance Commissioner shall be provided to all prospecti…

23 CAR § 84-132. Penalties. In addition to any other penalties provided by the laws of this state, any insurer and any agent found to have violated any requirement of this state relating to the rule of long-term care insurance or the marketing of such insurance shall be subject t…

23 CAR § 85-101. Purpose. (a) The purpose of this part is to require insurers to deliver to purchasers of life insurance clear and unambiguous information that will improve the buyer's: (1) Ability to select the most appropriate plan of life insurance for the buyer'sneeds; and (2…

23 CAR § 85-102. Scope. (a)(1) Except for the exemptions specified in subsection (b) of this section, this part shall apply to any solicitation, negotiation, or procurement of life insurance occurring within this state. (2) 23 CAR § 85-104(b) of this part shall apply only to an e…