Title 23, Public Utilities and Regulated Industries

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “State Insurance Department Criminal Investigation Division Trust Fund” to be used to defray the expenses of the Criminal Inv…

(a) (1) (A) Each licensed insurer shall pay into the State Insurance Department Criminal Investigation Division Trust Fund a nonrefundable antifraud assessment as directed by the Insurance Commissioner for the reasonable and necessary expenses and operation of the Criminal Invest…

The Insurance Commissioner shall deposit all antifraud assessments and any penalties assessed under this chapter, as well as any other income received for purposes set out in § 23-100-103(a), into the State Insurance Department Criminal Investigation Division Trust Fund as specia…

The Insurance Commissioner may promulgate reasonable rules deemed necessary for the administration of this chapter.

(a) All antifraud assessments, penalties, and revenues provided in this chapter received as special revenues for the State Insurance Department Criminal Investigation Division Trust Fund and deposited therein shall be deemed for all purposes special revenues of the fund and of th…

(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…

(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…

(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…

(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…

(a) Creditor-placed insurance shall become effective on the latest of the following dates:(1) The date of the credit transaction;(2) The date prior coverage, including prior creditor-placed insurance coverage, lapsed;(3) One (1) year before the date on which the related insurance…

(a) Premiums for creditor-placed insurance coverage may be calculated based on:(1) An amount not exceeding the net debt even though the coverage may limit the insurer's liability to the net debt, actual cash value, or cost of repair; or(2) Other premium calculation methods that m…

(a) Creditor-placed insurance shall be set forth in an individual policy or certificate of insurance. (b) A copy of the individual policy, certificate of insurance coverage, or other evidence of insurance coverage shall be mailed, first class mail, or delivered in person to the l…

(a) All policy forms and certificates of insurance to be delivered or issued for delivery in this state and the schedules of premium rates pertaining thereto shall be filed with the Insurance Commissioner. (b) The commissioner shall within thirty (30) days after the filing of the…

(a) Within sixty (60) calendar days after the termination of creditor-placed insurance coverage and in accordance with the formulas approved by the Insurance Commissioner, an insurer shall refund any unearned premium or other identifiable charges. (b) (1) Within sixty (60) calend…

(a) In the event of a loss under the creditor-placed insurance policy, the insurer shall pay, at a minimum, the least of the following, the value of which shall be determined as of the date of loss:(1) The cost to repair the collateral less any applicable deductible;(2) The actua…

(a) In order for the creditor to place insurance on the collateral pledged by the debtor and pass the cost of the insurance on to the debtor:(1) The creditor must have a security interest in the personal property;(2) The credit agreement must require the debtor to maintain insura…

(a) (1) The entire amount of the premium due from a creditor shall be remitted to the insurer or its producer in accordance with the insurer's requirements.(2) No commissions may be paid to, or retained by, a person or entity not licensed and appointed in accordance with the Prod…

(a) A creditor shall not impose charges, including premium costs and related interest and finance charges, on a debtor for creditor-placed insurance coverage unless adequate disclosure of the requirement to maintain insurance has been made to the debtor. Adequate disclosure is ac…

After notice and hearing, the Insurance Commissioner may promulgate reasonable rules to carry out and effectuate the provisions of this chapter.

This chapter shall be known and may be cited as the “Arkansas Earthquake Authority Act”.

(a) The threat of or the actual occurrence of a major earthquake poses serious consequences for the State of Arkansas and its citizens. Of particular concern is the magnitude of damage to residential homeowner and farmowner dwellings and whether or not these structures are adequa…

(1) As used in this chapter:(1) “Authority” means the Arkansas Earthquake Authority;(2) “Board” means the Board of the Arkansas Earthquake Authority;(3) “Commissioner” means the Insurance Commissioner;(4) “Event” means an earthquake and all subsequent earthquakes occurring within…

(a) There is created a nonprofit legal entity to be known as the “Arkansas Earthquake Authority”. The authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. The authority is created as a political subdivision, instrumenta…

(a) The Arkansas Earthquake Authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. There shall be a board of seven (7) members to be appointed by the Insurance Commissioner, which shall meet at least annually to review an…

There is no liability on the part of and no cause of action of any nature may arise against any participating insurer, the Arkansas Earthquake Authority's agents or employees, the Board of the Arkansas Earthquake Authority, or the Insurance Commissioner or his or her representati…

(a) (1) The Board of the Arkansas Earthquake Authority shall adopt a plan of operation pursuant to this chapter and shall submit to the Insurance Commissioner for approval the plan of operation, including the Arkansas Earthquake Authority's bylaws and operating rules and any amen…

(a) The Board of the Arkansas Earthquake Authority shall have the general powers and authority granted under the laws of the State of Arkansas and in addition thereto, the specific authority to:(1) Enter into contracts as are necessary or proper to carry out the provisions and pu…

(a) The Board of the Arkansas Earthquake Authority shall develop and implement a Market Assistance Program to assist insureds in procuring residential earthquake coverage in the voluntary market. This shall be accomplished by providing those seeking residential earthquake coverag…

(a) As long as the Market Assistance Program has at least one (1) approved insurer, no residential earthquake coverage shall be issued by the Arkansas Earthquake Authority, except as provided in subsection (b) of this section. (b) If there are no approved insurers in the program …

(a) The Board of the Arkansas Earthquake Authority may either appoint an Executive Director of the Arkansas Earthquake Authority or may select a Plan Administrator of the Arkansas Earthquake Authority. If an executive director is chosen, he or she shall hire all staff necessary t…

(a) Rates. (1) The Arkansas Earthquake Authority shall establish rates for plan coverage. These rates and rating schedules may be adjusted for appropriate factors such as geographical variation in claim costs, retrofitting, and other mitigation efforts and shall take into conside…

(a) The Arkansas Earthquake Authority shall offer a residential earthquake policy with dwelling coverage in amounts up to one hundred thousand dollars ($100,000). (b) Coverage for personal property and additional living expenses shall be provided as determined by the Board of the…

(a) Existing Policyholders. (1) (A) Insurers writing homeowner, farmowner, fire and allied lines, excluding commercial policies and crop hail, shall notify policyholders who do not maintain residential earthquake insurance or who maintain residential earthquake insurance at amoun…

Any applicant for a policy, any persons insured under the Market Assistance Program or the Arkansas Earthquake Authority, and any agency or insurer affected by the program or authority may appeal to the Insurance Commissioner any ruling or decision of the Board of the Arkansas Ea…

The Insurance Commissioner is authorized to promulgate such reasonable rules as are necessary to carry out the provisions of this chapter.

In the event a federal or multistate catastrophic insurance or reinsurance program intended to serve purposes similar to the purposes of the Market Assistance Program or the Arkansas Earthquake Authority is created, the Board of the Arkansas Earthquake Authority shall promptly ta…

Notwithstanding any other provision of law to the contrary, neither the Arkansas Earthquake Authority nor its policyholders shall be subject to the provisions of or be eligible for the benefits provided by the Arkansas Property and Casualty Insurance Guaranty Act, § 23-90-101 et …

Upon termination of the Arkansas Earthquake Authority by the General Assembly or the Insurance Commissioner, its remaining funds shall be transferred to the State Insurance Department Trust Fund unless otherwise directed by the General Assembly.

This subchapter shall be known and may be cited as the “Arkansas Title Insurance Act”.

(1) As used in this subchapter:(1) “Closing” means the collection and disbursement of funds and title insurance premiums out of escrow in connection with a transaction involving either personal or real property, including the transfer of title or creation of a lien on the title;(…

(a) (1) Except as provided in subdivision (a)(2) of this section and § 23-103-404, only an appointed title insurance agency licensed under § 23-64-101 et seq. shall issue title insurance policies, reports, or otherwise transact title insurance business.(2) An appointed title insu…

(a) Subject to the exceptions and restrictions contained in this subchapter, a title insurer may:(1) Transact only title insurance business;(2) Reinsure title insurance policies; and(3) Unless prohibited by the Insurance Commissioner, perform or cause to be performed ancillary ac…

(a) (1) An insurer that transacts any class, type, or kind of insurance other than title insurance is not eligible for the issuance or renewal of a license to transact title insurance business in this state.(2) Title insurance shall not be transacted, underwritten, or issued by a…

The Insurance Commissioner or title insurer during normal business hours may examine, audit, and inspect any and all books, records, files, and escrow and operating accounts related to title insurance reports and policies maintained by a title insurance agency, its successor in i…

(a) (1) A person acting in the capacity of a title insurance agency shall not place business with a title insurer, and a title insurer shall not accept business from a title insurance agency unless a written contract exists between the title insurer and title insurance agency.(2)…

(a) A title insurance report or title insurance policy shall not be issued unless the title insurance agency or title insurance agent has caused to be made a search of the title from the evidence prepared from a title plant or files of the county where the property is located or …