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23-67-506. Review of filings.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-67-506. Review of filings.
(a) All malpractice rate filings shall remain on file for public inspection.
(b) Whenever a malpractice insurer files a proposed overall rate increase of twenty percent (20%) or greater, it shall:
(1) Publish notice of the filing for three (3) consecutive business days in a newspaper of general circulation in this state; and
(2) Furnish proof of notice to the Insurance Commissioner.
(c) The commissioner may hold a hearing on any malpractice rate increase filing.
(d) The commissioner shall approve or disapprove all malpractice rate filings subject to the standards for rates under § 23-67-502 within sixty (60) days after the date of the filing.
(e) Notwithstanding subsection (d) of this section, the commissioner may approve an excessive rate if he or she finds that the failure to approve the rate may tend to substantially lessen competition in the Arkansas malpractice insurance market.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-67-506
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:23-67-506
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f38956fe36ce3707846ad75a3647b063eeef9c67392ff4933c1ba2c447e4de22
Source location: content.xml paragraph 39461
Stored source content
23-67-506. Review of filings.
(a) All malpractice rate filings shall remain on file for public inspection.
(b) Whenever a malpractice insurer files a proposed overall rate increase of twenty percent (20%) or greater, it shall:
(1) Publish notice of the filing for three (3) consecutive business days in a newspaper of general circulation in this state; and
(2) Furnish proof of notice to the Insurance Commissioner.
(c) The commissioner may hold a hearing on any malpractice rate increase filing.
(d) The commissioner shall approve or disapprove all malpractice rate filings subject to the standards for rates under § 23-67-502 within sixty (60) days after the date of the filing.
(e) Notwithstanding subsection (d) of this section, the commissioner may approve an excessive rate if he or she finds that the failure to approve the rate may tend to substantially lessen competition in the Arkansas malpractice insurance market.
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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.