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23-67-207. Noncompetitive market.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-67-207. Noncompetitive market.
(a) If the Insurance Commissioner has cause to believe that a reasonable degree of competition does not exist in a market, the commissioner shall hold a hearing. In determining whether a reasonable degree of competition exists, insurers operating within that market shall have the burden of establishing that a reasonable degree of competition exists within that market.
(b)(1) The commissioner shall consider relevant tests of competition pertaining to market structure, market performance, and market conduct, and the practical opportunities available to consumers in the market to acquire pricing and other consumer information and to compare and obtain insurance from competing insurers.
(2) These tests may include, but are not limited to, the following:
(A) Size and number of insurers actively engaged in the market;
(B) Market shares and changes in market shares of insurers;
(C) Ease of entry into and exit from a given market;
(D) Underwriting restrictions; and
(E) Whether long-term profitability for insurers generally in the market is unreasonably high.
(c) After the hearing, the commissioner shall issue an order as to his or her findings. This order shall expire no later than one (1) year after it is effective as provided in the order.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-67-207
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-67-207
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2c2c22b617c0a24e9fdce627b37e576ef65fd5cd8ebda643e5828b4fe8aa45ac
Source location: content.xml paragraph 38812
Stored source content
23-67-207. Noncompetitive market.
(a) If the Insurance Commissioner has cause to believe that a reasonable degree of competition does not exist in a market, the commissioner shall hold a hearing. In determining whether a reasonable degree of competition exists, insurers operating within that market shall have the burden of establishing that a reasonable degree of competition exists within that market.
(b)(1) The commissioner shall consider relevant tests of competition pertaining to market structure, market performance, and market conduct, and the practical opportunities available to consumers in the market to acquire pricing and other consumer information and to compare and obtain insurance from competing insurers.
(2) These tests may include, but are not limited to, the following:
(A) Size and number of insurers actively engaged in the market;
(B) Market shares and changes in market shares of insurers;
(C) Ease of entry into and exit from a given market;
(D) Underwriting restrictions; and
(E) Whether long-term profitability for insurers generally in the market is unreasonably high.
(c) After the hearing, the commissioner shall issue an order as to his or her findings. This order shall expire no later than one (1) year after it is effective as provided in the order.
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