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23-95-104. Plan for coverage — Requirement.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-95-104. Plan for coverage — Requirement.
(a)(1) If the Insurance Commissioner finds after a hearing that in all or in any part of this state, any amount or kind of insurance authorized by §§ 23-62-104 and 23-62-105 is not reasonably available in the voluntary market and that the public interest requires the availability of that insurance, the commissioner shall direct insurers doing business within this state to prepare a voluntary plan which will provide that insurance coverage.
(2) The plan shall be submitted to the commissioner within the time he or she designates and, if approved by him or her, may be put into operation.
(3) If the plan is not approved by the commissioner or if the plan is not submitted as required, the commissioner may promulgate a plan to provide insurance coverage for any risks in this state which, based on reasonable underwriting standards, are entitled to obtain coverage, but are otherwise unable to obtain coverage in the voluntary market.
(b) All orders of the commissioner finding that a line of insurance is not reasonably available in the voluntary market shall consider, to the extent practicable, historical data from the past five (5) years regarding:
(1) Market availability;
(2) Major trends in policy forms, limits, and deductibles offered;
(3) Filed rates for the line if available;
(4) Loss ratios, claims severity, and claims frequency on both the state and national levels;
(5) Availability of surplus lines coverage;
(6) The types of insurers offering the line of insurance in the state;
(7) The existence of any residual market programs, market assistance programs, and captive insurance; and
(8) Whether alternatives to the creation of a risk-sharing plan are feasible.
(c) The commissioner may require licensed in
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-95-104
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:23-95-104
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 311fee7305a2008a2b186fd39dbaea5904f5eaf6c4905f76a10d1c622a992b09
Source location: content.xml paragraph 57078
Stored source content
23-95-104. Plan for coverage — Requirement.
(a)(1) If the Insurance Commissioner finds after a hearing that in all or in any part of this state, any amount or kind of insurance authorized by §§ 23-62-104 and 23-62-105 is not reasonably available in the voluntary market and that the public interest requires the availability of that insurance, the commissioner shall direct insurers doing business within this state to prepare a voluntary plan which will provide that insurance coverage.
(2) The plan shall be submitted to the commissioner within the time he or she designates and, if approved by him or her, may be put into operation.
(3) If the plan is not approved by the commissioner or if the plan is not submitted as required, the commissioner may promulgate a plan to provide insurance coverage for any risks in this state which, based on reasonable underwriting standards, are entitled to obtain coverage, but are otherwise unable to obtain coverage in the voluntary market.
(b) All orders of the commissioner finding that a line of insurance is not reasonably available in the voluntary market shall consider, to the extent practicable, historical data from the past five (5) years regarding:
(1) Market availability;
(2) Major trends in policy forms, limits, and deductibles offered;
(3) Filed rates for the line if available;
(4) Loss ratios, claims severity, and claims frequency on both the state and national levels;
(5) Availability of surplus lines coverage;
(6) The types of insurers offering the line of insurance in the state;
(7) The existence of any residual market programs, market assistance programs, and captive insurance; and
(8) Whether alternatives to the creation of a risk-sharing plan are feasible.
(c) The commissioner may require licensed insurers and surplus lines companies to report historical data to assist the consideration of the factors contained in subsection (b) of this section.
(d) The commissioner shall afford any interested party an opportunity to submit written or oral testimony to assist in the determination required by subsection (a) of this section.
(e) The commissioner shall report to the Legislative Council all lines of insurance that he or she determines are not reasonably available in the voluntary market.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-62-104. Property insurance.
As used in the Arkansas Insurance Code, unless the context otherwise requires, “property insurance” is insurance on real or personal property of every kind and of every interest therein, whether on land, water, or in the air, against loss or damage from any and all hazard or cause and against loss consequential upon the loss or damage, other than noncontractual legal liability for the loss or damage.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-62-104
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 23-62-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-62-105. Casualty insurance — Definition.
(a) As used in the Arkansas Insurance Code, unless the context otherwise requires, “casualty insurance” includes:
(1) Vehicle Insurance. Insurance against loss of or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, from any hazard or cause, and against any loss, liability, or expense resulting from or incidental to ownership, maintenance, or use of the vehicle, aircraft, or animal, together with insurance against accidental death or accidental injury to individuals, including the named insured, while in, entering, alighting from, adjusting, repairing, cranking, or caused by being struck by a vehicle, aircraft, or draft or riding animal, if the insurance is issued as an incidental part of insurance on the vehicle, aircraft, or draft or riding animal;
(2) Liability Insurance. Insurance against legal liability for the death, injury, or disability of any human being or for damage to property and the provision of medical, hospital, surgical, disability, or accident and health benefits to injured persons and funeral and death benefits to dependents, beneficiaries, or personal representatives of persons killed, irrespective of legal liability of the insured, when issued as an incidental coverage with or supplemental to liability insurance;
(3) Workers' Compensation and Employer's Liability. Insurance of the obligations accepted by, imposed upon, or assumed by employers under law for death, disablement, or injury of employees;
(4) Burglary and Theft. Insurance against loss or damage by burglary, theft, larceny, robbery, forgery, fraud, vandalism, malicious mischief, confiscation; or wrongful convers
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-62-105
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. The source passage cites 23-62-105. This identifies an authority to review, not proof of applicability.