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23-67-504. Rate administration.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-67-504. Rate administration.
(a)(1) The Insurance Commissioner shall promulgate rules requiring each malpractice insurer to record and report its loss and expense experience and any other data, including reserves, the commissioner considers necessary to determine whether rates comply with the standards set forth in § 23-67-502.
(2) The information shall be provided in the form prescribed by the commissioner.
(b) The commissioner may require that the malpractice insurer's annual report and any supplemental report that contains information about a malpractice insurer's loss and loss adjustment reserves be accompanied by an opinion signed and sworn to by a qualified and independent actuary verifying that within the nine (9) months prior to the submission of the report:
(1) The actuary has conducted a review and analysis of the malpractice insurer's loss and loss adjustment reserves; and
(2) The reserves are:
(A) Computed in accordance with accepted loss-reserving standards; and
(B) Fairly stated in accordance with sound loss-reserving principles.
(c) The commissioner shall:
(1) Maintain by malpractice insurer all reports submitted under this section for at least six (6) years; and
(2) Consider the reports in determining the appropriateness of rates for malpractice insurance.
(d) The commissioner may:
(1) Examine and review the assessment of risk for different specialties or practices;
(2) Hold a public hearing on any filing containing a risk assignment for malpractice insurance to determine whether the risk assignment is reasonable; and
(3) Issue orders concerning the risk assignment.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-67-504
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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Record provenance
Stable record: arkansas_code:legal_authorities:23-67-504
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 639ab92dbe96c5ff45ebc297525b43c98832fce61c05f71aa5d7e527df95d246
Source location: content.xml paragraph 39425
Stored source content
23-67-504. Rate administration.
(a)(1) The Insurance Commissioner shall promulgate rules requiring each malpractice insurer to record and report its loss and expense experience and any other data, including reserves, the commissioner considers necessary to determine whether rates comply with the standards set forth in § 23-67-502.
(2) The information shall be provided in the form prescribed by the commissioner.
(b) The commissioner may require that the malpractice insurer's annual report and any supplemental report that contains information about a malpractice insurer's loss and loss adjustment reserves be accompanied by an opinion signed and sworn to by a qualified and independent actuary verifying that within the nine (9) months prior to the submission of the report:
(1) The actuary has conducted a review and analysis of the malpractice insurer's loss and loss adjustment reserves; and
(2) The reserves are:
(A) Computed in accordance with accepted loss-reserving standards; and
(B) Fairly stated in accordance with sound loss-reserving principles.
(c) The commissioner shall:
(1) Maintain by malpractice insurer all reports submitted under this section for at least six (6) years; and
(2) Consider the reports in determining the appropriateness of rates for malpractice insurance.
(d) The commissioner may:
(1) Examine and review the assessment of risk for different specialties or practices;
(2) Hold a public hearing on any filing containing a risk assignment for malpractice insurance to determine whether the risk assignment is reasonable; and
(3) Issue orders concerning the risk assignment.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-67-502. Standards for rates.
Rates for malpractice insurance shall not be:
(1)(A) Excessive.
(B) A rate is excessive if it is likely to produce a profit from an Arkansas business that is unreasonably high in relation to past and prospective loss experience or if expenses are unreasonably high in relation to the product or services rendered;
(2)(A) Inadequate.
(B) A rate is inadequate if, together with investment income attributable to it, it fails to satisfy projected losses and expenses; or
(3)(A) Unfairly discriminatory.
(B) A rate is unfairly discriminatory in relation to another in the same class of business if it does not reflect equitably the differences in expected losses and expenses.
(C) Rates are not unfairly discriminatory because different premiums result for policyholders with like loss exposures but different expense factors or with like expense factors but different loss exposures if the rates reflect the differences with reasonable accuracy.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-67-502
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. The source passage cites 23-67-502. This identifies an authority to review, not proof of applicability.