™Your Policy Risk Impact Agent
95 chapters · 3,921 sections in this title.
Ark. Code Ann. § 23-101-101 Purpose
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(1) 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-pl…
Ark. Code Ann. § 23-101-102 Scope
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(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 c…
Ark. Code Ann. § 23-101-103 Definitions
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(1) 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 issu…
Ark. Code Ann. § 23-101-104 Prohibited coverages
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(a) Creditor-placed insurance coverage shall not include:(1) Coverage for the cost of repossession;(2) Skip, confiscation, and conversion coverage;(3) Coverage for payment of mechanics' or other liens that do not arise from a covered loss occurrence;(4) Coverage that requires a d…