23-79-302. Definition.

Arkansas Code — all titles (historical 2020) · legal_authorities

23-79-302. Definition. For purposes of this subchapter, a claims-made policy as referenced in § 23-79-306 means a policy which provides coverage if a claim for damages is first made during the policy period.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-79-302

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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Arkansas Code — all titles (historical 2020) · legal_authorities

23-79-306. Requirements.

23-79-306. Requirements. The following requirements are applicable only as to claims-made policies as defined in § 23-79-302: (1) The policy application and the initial page of each claims-made policy must include a conspicuous notice at the top indicating that the contract is a claims-made policy; (2) The insurer must provide at no additional charge an automatic sixty-day extended reporting period upon cancellation or termination of the claims-made policy by either the insured or insurer; (3)(A) At the expiration of the automatic sixty-day extended reporting period as required by subdivision (2) of this section, the insurer must offer an extended reporting period endorsement. (B) Any notice of termination of a claims-made policy must include a disclosure advising the insured and his or her agent of the availability of and premium for an extended reporting period endorsement and the importance of purchasing the coverage; (4) The premium for any extended reporting period endorsement shall be based upon the rates and rating rules in effect at the inception date of the last policy period of the claims-made policy; (5) Form or rate/rule filings restricting the risks to be covered by an extended reporting period endorsement shall not be approved or accepted for use by the Insurance Commissioner; (6) The limit of liability in the policy aggregate for the optional extended reporting period endorsement offered by the insurer shall be no less than the greater of the amount of coverage remaining in the expiring policy aggregate or fifty percent (50%) of the aggregate at policy inception. The insurer may offer to increase the original amount of the aggregate limit of liability applicable during the period of the extended reporting period endorsement; (7)(A) A retr

Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-79-306

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 23-79-306. This identifies an authority to review, not proof of applicability.