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Arkansas Statutes, Title 23

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Arkansas/Statutes

← All Arkansas coverage

Title 23, Public Utilities and Regulated Industries

95 chapters · 3,921 sections in this title.

All chapters in Title 233,921 Ch 63, Insurance Companies Generally230 Ch 79, Insurance Policies Generally211 Ch 99, Healthcare Providers165 Ch 4, Regulation of Rates and Charges Gene…162 Ch 18, Light, Heat, and Power Utilities154 Ch 69, Domestic Stock and Mutual Insurers109 Ch 13, Motor Carriers107 Ch 17, Telephone and Telegraph Companies97 Ch 81, Life Insurance Policies And Annuities97 Ch 112, Arkansas Motor Vehicle Commission Act97 Ch 61, State Insurance Department95 Ch 48, Organization and Operation94 Ch 51, ARKANSAS TRUST INSTITUTIONS ACT OF 202589 Ch 12, Operation and Maintenance of Railroads87

19 sections·Filtered byTitle 23✕Ch 87✕

Ark. Code Ann. § 23-87-101 Title
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This chapter may be cited as the “Model Act for the Regulation of Credit Life Insurance and Credit Disability Insurance”.
Ark. Code Ann. § 23-87-102 Purpose
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The purpose of this chapter is to promote the public welfare by regulating credit life insurance and credit disability insurance.
Ark. Code Ann. § 23-87-103 Definitions
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(1) For the purpose of this chapter, unless the context otherwise requires:(1) “Credit disability insurance” means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the po…
Ark. Code Ann. § 23-87-104 Scope
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All life insurance and all disability insurance sold in connection with loans or other credit transactions shall be subject to the provisions of this chapter, except insurance sold in connection with a loan or other credit transaction of more than ten (10) years' duration.

Ark. Code Ann. § 23-87-105 Construction

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(a) Nothing in this chapter is intended to prohibit or discourage reasonable competition. (b) The provisions of this chapter shall be liberally construed.

Ark. Code Ann. § 23-87-106 Penalties

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(a) In addition to any penalty provided by law, any person who violates an order of the Insurance Commissioner after it has become final, and while the order is in effect, shall, upon proof thereof to the satisfaction of the court, forfeit and pay to the State of Arkansas a sum n…

Ark. Code Ann. § 23-87-107 Policy forms

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(1) Credit life insurance and credit disability insurance shall be issued only in the following forms:(1) Individual policies of life insurance issued to debtors on the term plan;(2) Individual policies of disability insurance issued to debtors on a term plan, or disability provi…

Ark. Code Ann. § 23-87-108 Amount

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(a) Credit Life Insurance. The amount of credit life insurance shall not exceed the original amount of the indebtedness and any interest included therein. (b) Credit Disability Insurance. The amount of periodic indemnity payable by credit disability insurance in the event of disa…

Ark. Code Ann. § 23-87-109 Term

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(a) (1) Subject to acceptance by the insurer, the term of any credit life insurance or credit disability insurance shall commence on the date when the debtor becomes obligated to the creditor.(2) However, when a group policy provides coverage with respect to existing obligations,…

Ark. Code Ann. § 23-87-110 Provisions of policies and certificates of insurance

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(a) All credit life insurance and credit disability insurance sold shall be evidenced by an individual policy or, in the case of group insurance, by a certificate of insurance. The individual policy or group certificate of insurance shall be delivered to the debtor. (b) In additi…

Ark. Code Ann. § 23-87-111 Delivery of policy or certificate

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(a) The individual policy or group certificate of insurance shall be delivered to the insured debtor at the time the indebtedness is incurred except as provided in subsection (b) of this section. (b) (1) If the individual policy or group certificate of insurance is not delivered …

Ark. Code Ann. § 23-87-112 Filing, approval, and withdrawal of policies, certificates, notices, etc

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(a) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, binders, endorsements, and riders shall be filed with the insurance commissioner in the state in which the policy is issued. (b) Within thirty (30) days after the filing of all…

Ark. Code Ann. § 23-87-113 Premiums and refunds

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(a) (1) Each insurer issuing credit life insurance or credit disability insurance shall file with the Insurance Commissioner its schedules of premium rates for use in connection with the insurance.(2) Any insurer may revise the schedule from time to time and shall file the revise…

Ark. Code Ann. § 23-87-114 Issuance of policies

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All policies of credit life insurance and credit disability insurance shall be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business therein and shall be issued only through holders of licenses issued by the Insurance Commissione…

Ark. Code Ann. § 23-87-115 Claims

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(a) All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All claims shall be settled as soon as possible and in accordance with the terms of the insurance contract. (b) All claims shall b…

Ark. Code Ann. § 23-87-116 Debtor's choice of insurer as additional security

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When credit life insurance or credit disability insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or contro…

Ark. Code Ann. § 23-87-117 Compensation limited

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(a) (1) In order to assure that the premium rates charged or to be charged for credit life insurance or credit disability insurance are reasonable in relation to benefits provided, the Insurance Commissioner, after due notice and hearing, may issue rules establishing the maximum …

Ark. Code Ann. § 23-87-118 Enforcement

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(a) After notice and hearing, the Insurance Commissioner may issue such rules as the commissioner deems appropriate for the supervision of this chapter. (b) (1) Whenever the commissioner finds that there has been a violation of this chapter or any rules issued pursuant thereto, a…

Ark. Code Ann. § 23-87-119 Judicial review

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Any party to the proceeding affected by an order of the Insurance Commissioner shall be entitled to judicial review by following the procedure set forth in § 23-61-307.