Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-90-101 Title
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This chapter shall be known and may be cited as the “Arkansas Property and Casualty Insurance Guaranty Act”.
Ark. Code Ann. § 23-90-102 Purpose
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This chapter is for the purpose of providing funds in addition to assets of insolvent insurers for the protection of the holders of covered claims as defined in § 23-90-103 through payment and through contracts of reinsurance or assumption of liabilities or of substitution or oth…
Ark. Code Ann. § 23-90-103 Definitions
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(1) As used in this chapter:(1) “Commissioner” means the Insurance Commissioner;(2) (A) (i) “Covered claim” means an unpaid claim of an insured or third-party liability claimant which arises out of and is within the coverage and not in excess of the applicable limits of an insura…
Ark. Code Ann. § 23-90-104 Applicability — Exceptions
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(1) This chapter shall apply to all kinds of direct insurance written by insurers licensed to transact insurance in this state but shall not be applicable to the following:(1) Life, annuity, health, or accident and health insurance;(2) Mortgage guaranty, financial guaranty, or ot…
Ark. Code Ann. § 23-90-105 Construction
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This chapter shall be liberally construed to effect the purpose under § 23-90-102 which shall constitute an aid and guide to interpretation.
Ark. Code Ann. § 23-90-106 Arkansas Property and Casualty Advisory Association — Creation — Members
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(a) (1) There is created by this chapter an advisory association to be known as the “Arkansas Property and Casualty Advisory Association”, herein called the “advisory association” to be composed of eight (8) insurers.(2) The Insurance Commissioner shall appoint the insurers who w…
Ark. Code Ann. § 23-90-107 Arkansas Property and Casualty Advisory Association — Procedures
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(a) The State Insurance Department shall promulgate reasonable organizational rules for the Arkansas Property and Casualty Advisory Association which shall set forth, among other things, quorum and attendance requirements for meetings, procedural rules to be followed at advisory …
Ark. Code Ann. § 23-90-108 Arkansas Property and Casualty Advisory Association — Powers and duties
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(a) (1) The Arkansas Property and Casualty Advisory Association shall advise and counsel with the Insurance Commissioner upon matters relating to the solvency of insurers.(2) The commissioner may call a meeting of the association when a court of competent jurisdiction determines …
Ark. Code Ann. § 23-90-109 Arkansas Property and Casualty Advisory Association — Reports and recommendations
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Reports or recommendations made by the Arkansas Property and Casualty Advisory Association to the Insurance Commissioner and his or her representatives shall not be considered public documents and there shall be no liability on the part of and no cause of action against a member …
Ark. Code Ann. § 23-90-110 Arkansas Property and Casualty Advisory Association — Right of officers, directors, and employees to contract — Interested parties
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(a) Any insurer that has an officer, director, or employee serving as a member of the Arkansas Property and Casualty Advisory Association shall not lose the right to negotiate for and enter into contracts of reinsurance or assumption of liability or contracts of substitution to p…
Ark. Code Ann. § 23-90-111 Covered claims — Notification to insureds of insurer's insolvency
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(a) This chapter shall apply to covered claims existing prior to the determination that an insurer is an insolvent insurer and to covered claims arising within thirty (30) days after the determination of insolvency or before the policy expiration date if less than thirty (30) day…
Ark. Code Ann. § 23-90-112 Estimation of amount needed to pay claims — Assessment of insurers
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(a) (1) Whenever a court of competent jurisdiction determines that an insurer has become an insolvent insurer, the receiver appointed in accordance with §§ 23-68-101 — 23-68-113 and 23-68-115 — 23-68-132 shall promptly estimate the amount of additional funds needed to supplement …
Ark. Code Ann. § 23-90-113 Failure to pay assessment
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(a) After notice and hearing, the Insurance Commissioner may suspend or revoke the certificate of authority to transact business in this state of any insurer who fails to pay an assessment when due. (b) As an alternative, the commissioner may levy a fine on any member insurer whi…
Ark. Code Ann. § 23-90-114 Accounting for and repayment of assessments
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(a) (1) Upon receipt from an insurer of payment of an assessment or partial assessment, the receiver shall provide the insurer with a participation receipt which shall create a liability against the assessment fund maintained by the Insurance Commissioner.(2) The assessment fund …
Ark. Code Ann. § 23-90-115 Payment of covered claims
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(a) (1) When an insurer has been determined by a court of competent jurisdiction to be an insolvent insurer, the receiver shall marshal all assets of the insolvent insurer, including, but not limited to, those which are designated as, or that constitute, reserve assets offsetting…
Ark. Code Ann. § 23-90-116 Duties of receiver
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(a) (1) Covered claims against an insolvent insurer placed in temporary or permanent receivership under an order of liquidation, rehabilitation, or conservation by a court of competent jurisdiction shall be processed and acted upon by the receiver or ancillary receiver in the sam…
Ark. Code Ann. § 23-90-117 Right of recovery
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(a) (1) Any person having a claim against an insurer under any provision in an insurance policy other than a policy of an insolvent insurer, which is also a covered claim, shall be required to exhaust first his or her right under the policy.(2) Any amount payable on a covered cla…
Ark. Code Ann. § 23-90-118 Issuance of new or renewal policies
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(a) An insolvent insurer placed in receivership for which assessments have been made under the provisions of this chapter shall not be authorized, upon release from receivership, to issue new or renewal insurance policies until such time as the insolvent insurer has repaid in ful…
Ark. Code Ann. § 23-90-119 Assessment as credit against taxes
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(a) Any assessment paid by an insurer under this chapter shall be allowed to an insurer as a credit against its premium tax payable under §§ 26-57-601 — 26-57-605 and 26-57-607. (b) The tax credit referred to in this section shall be allowed at a rate of twenty percent (20%) per …
Ark. Code Ann. § 23-90-120 Liability of insurer, commissioner, etc
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There shall be no liability on the part of and no cause of action of any nature shall arise against any insurer subject to this chapter or its agents or employees, the Arkansas Property and Casualty Advisory Association, or the Insurance Commissioner or his or her representatives…
Ark. Code Ann. § 23-90-121 Certain advertisements, announcements, and statements prohibited — Exception
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(a) No person, including an insurer, agent, or affiliate of an insurer shall make, publish, disseminate, circulate, or place before the public, or cause, directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in any newspaper, magazi…
Ark. Code Ann. § 23-90-122 Rules
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The State Insurance Department is authorized and directed to issue such reasonable rules as may be necessary to carry out the various purposes and provisions of this chapter, and in augmentation thereof.
Ark. Code Ann. § 23-90-123 Appeal of orders
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Any order of the Insurance Commissioner under this chapter may be appealed as provided by § 23-61-307.