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USEFUL
INFORMATION FOR PROPERTY AND CASUALTY COMPANIES
Arkansas requires all personal lines forms to be approved
prior to use in this State. The Department has 30 days after a form
submission is accepted for filing to either approve or disapprove the
filing. By notifying the insurance company submitting the forms, we
can, however, add an additional 30 days of review time. This is rare
and is used only when novel concepts or issues of first impression are
presented by the filing. If we approve the form or fail to disapprove
or exercise the additional review period within 30 days after the
submission is filed, the forms may be used without further action on the
part of the insurance company.
We require all personal
lines and professional liability rate submission to be accepted for filing
at least 20 days prior to their effective dates. We may only
disapprove a rate filing if it is excessive, inadequate, unfairly
discriminatory or violates the states various laws relating to rates and
rating classification plans.
Workers’ Compensation
and employer liability rates must be approved by the Department before they
can be used by an insurance company.
Act 458 1999 eliminated
rate filing requirements for commercial lines, with the exception of
workers’ compensation and employers’ liability and professional
liability.
This same Act created a
class of insureds referred to as “large commercial risks”.
Rates and policy forms designed for use for this limited group of
commercial insureds are also exempt from review.
IMPORTANT NOTICES
DATA REPORT DEADLINES
2005 AICP Presentation on
Speed to Market and Rate and Form Filing Issues
(requires MS Power Point or compatible software)
The
following links are designed to provide those who file rates and forms with
legal resources and product checklists:
Property and Casualty Checklist Page – contains the complete product
requirements for each line of property or casualty business.
NAIC Product
Requirements Locator Database
– contains Arkansas
checklist in a searchable database by product type. This database
also contains the requirements from several other states so that the
product filer can more efficiently file in two or more jurisdictions.
Legal Resources for P & C Companies - contains the following information relating to
property or casualty insurance:
Arkansas
Insurance Code
Specific Orders
Rules and Regulations
Directives
Bulletins
Workers’ Compensation Code
Information on
policy forms and rate filings – Rates and Forms that have been filed with the Department
since July 1, 2002, can be searched using the database available through
this link.
Helpful
forms for insurance company rate
and form filing analysts.
Private Passenger Auto
Premium Surveys and forms RF-1 and RF-2
Homeowners Premium
Surveys and forms RF-1 and RF-2
Medical Malpractice
Premium Surveys and forms RF-1 and RF-2
SERFF
- System for Electronic Rate and Form Filing - SERFF provides improved efficiency through
today's technology to the rate and form filing process. Insurance companies
are able to file forms electronically and reduce the time and cost involved
in making regulatory filings.
Transmittal
Header Form for insurance
company rate and form filing analysts. This is an intelligent pdf form
which allows the user to fill in the blanks and send the form digitally or
print it out for mailing. Please refer to the transmittal
header form instructions for additional information on how to use the
form. We also participate in the NAIC Uniform
Product Coding Matrix for describing lines of insurance when making a
rate or form filing. Sometimes special situations arise that require a
specific transmittal header. Those can be found attached to the
bulletin which pertains to the special situation. An example of such
a situation are the two bulletins that were issued due to issues arising
from 9/11 and from the subsequent TRIA legislation. You can also check
the IMPORTANT NOTICES
for other special situations when they
arise.
We can also accept filings as
attachments to email. This system works only for small filings due
constraints on the size of attachments. The instructions for submitting
a rate or form filing in this manner can be located here.
Pilot
Self-Certification Program for form filings – As of June 1, 2003, Arkansas
is participating under an alternative form filing program that provides an
insurance company the option of certifying that a form filing complies with
all Arkansas
laws for the particular filing. It is recommended only for routine
filings and not for filings that may contain controversial or new products.
Arkansas
Earthquake Authority Act of 1999 - A Market Assistance Program (MAP)
has been developed in response to the Arkansas
Earthquake Authority Act of 1999. MAP
is designed to assist consumers who are unable to find residential
earthquake insurance through traditional sources. Insurance companies also
have certain responsibilities under this Act. Additional information is
available by calling 1-800-852-5494.
Information on Surplus Lines - When licensed insurers are unwilling or unable
to provide needed coverage, consumers can secure coverage with an approved
surplus line insurer (also know as a “non-admitted” insurer)
through a licensed surplus line broker. Individuals or corporations may
secure insurance coverage directly from a non-admitted insurer. This
coverage is considered "self-procured." To view the Rule and
Regulation regarding surplus lines coverage click here (RULE
AND REG 24)
Licensed Advisory Organization - Advisory Organization or Rate Service Organization are
“any entity which either has two (2) or more member insurers or is
controlled either directly or indirectly by two (2) or more insurers,
licensed under § 23-67-214, and which assists insurers in ratemaking-related
activities such as those enumerated in § 23-67-216 or two (2) or more
insurers having a common ownership or operating in this state under common
management or control constitute a single insurer for the purpose of this
definition. Click the above link for a list and brief description of
each advisory organization licensed in Arkansas.
Property and
Casualty Data – Insurance data and reports relating to property
and casualty lines of insurance.
Lines of Business – A complete list of all Arkansas lines of
business with the analyst’s name, telephone number, fax number and
email address in Excel and PDF formats.
Company
Search (click here to verify company licensure in Arkansas)
HELPFUL
PHONE NUMBERS:
Arkansas Rural Risk
Underwriting Association
1-800-272-6588 (Arkansas
only)
1-800-233-2398 (out of state)
Arkansas Automobile Insurance Plan
(Agents only...Consumers must access this plan through their insurance
agent)
1-800-413-5808
Earthquake Market Assistance Program
1-800-852-5494
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