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23-88-105. Notice required prior to expiration of property insurance policy — Definition.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-88-105. Notice required prior to expiration of property insurance policy — Definition.
(a) Except for nonpayment of premium, the insurer shall give either a written notice of nonrenewal or an offer of renewal at least thirty (30) days prior to the expiration of the policy's existing term.
(b) The insurer shall send the insured a written notice and the insurance producer written or electronic notice of the offer of renewal under subsection (a) of this section, indicating the new premium and providing a description of any change in deductible or policy provision in the renewal policy.
(c) As used in this section, “renewal” means the issuance or delivery by an insurer of a policy superseding a policy previously issued by the insurer at the end of the previously issued policy period if the policy is delivered by:
(1) The same insurer; or
(2) An affiliate or subsidiary, as those terms are defined in § 23-63-503, that has a financial strength rating that is:
(A) Issued by an industry-recognized independent insurance rating company; and
(B) At least as good as the insurer issuing the superseded policy.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-88-105
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:23-88-105
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e6f907634b0f1f8415fa2cd811d6259638a3ca5ad02cd692bba4823227284012
Source location: content.xml paragraph 53153
Stored source content
23-88-105. Notice required prior to expiration of property insurance policy — Definition.
(a) Except for nonpayment of premium, the insurer shall give either a written notice of nonrenewal or an offer of renewal at least thirty (30) days prior to the expiration of the policy's existing term.
(b) The insurer shall send the insured a written notice and the insurance producer written or electronic notice of the offer of renewal under subsection (a) of this section, indicating the new premium and providing a description of any change in deductible or policy provision in the renewal policy.
(c) As used in this section, “renewal” means the issuance or delivery by an insurer of a policy superseding a policy previously issued by the insurer at the end of the previously issued policy period if the policy is delivered by:
(1) The same insurer; or
(2) An affiliate or subsidiary, as those terms are defined in § 23-63-503, that has a financial strength rating that is:
(A) Issued by an industry-recognized independent insurance rating company; and
(B) At least as good as the insurer issuing the superseded policy.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-503. Definitions.
As used in this subchapter:
(1) “Affiliate” of or person “affiliated” with a specific person means a person that directly or indirectly through one (1) or more intermediaries controls, is controlled by, or is under common control with the person specified;
(2)(A) “Control” or “controlling” means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person unless the power is due to an official position or corporate office:
(i) Through the ownership of voting securities;
(ii) By contract other than a commercial contract for goods or nonmanagement services; or
(iii) Otherwise.
(B)(i) Control is presumed to exist if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing ten percent (10%) or more of the voting securities of another person.
(ii) This presumption may be rebutted by a showing that control does not exist in fact.
(C) After furnishing notice to the persons and the opportunity to be heard, the Insurance Commissioner may determine that control exists in fact, notwithstanding the absence of a presumption to that effect;
(3)(A) “Enterprise risk” means any activity, circumstance, event, or series of events involving at least one (1) affiliate of an insurer that, if not remedied, are likely to have a material adverse effect on the financial condition or liquidity of the insurer or the insurer's insurance holding company as a whole.
(B) “Enterprise risk” includes without limitation any action that may cause:
(i) An insurer's risk-based capital to fall into company action level under:
(a) The Risk-Based Capital Act, § 23-63-1301 et seq.; and
(b) Section 23-63-1501 et seq.; or
(ii) An insurer to be in a ha
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-503
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 23-63-503. This identifies an authority to review, not proof of applicability.