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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
designed for routine filings and not for filings that may contain
controversial or new products.
Arkansas has not yet promulgated a bulletin describing
the self-certification program but anticipates it will be substantially
similar to the NAIC model
bulletin which will outline the uses and parameters of the pilot program. Our bulletin should be promulgated
soon after the NCCI bulletin is finalized.
In our effort to enhance our speed to market
program while maintaining the high review standards presently brought to
bear to the review of each filing, Arkansas,
has endeavored to enhance insurance companies access to various resources
that both assist with filing a product and assure it complies with Arkansas law.
Currently, the only filings that are not reviewed within 20 days
for rates and 30 days for forms are those filings that contain incomplete
information and data to allow a review.
The CERTIFICATION FORM can
be downloaded in Word
or Adobe
Acrobat formats.
Other links that offer resources for those seeking to use the
certificate of compliance are:
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. It also contains legal citations for these
requirements as well as links to the actual legal language. This database
also contains the requirements from several other states so that the
product filer can more efficiently file in two or more jurisdictions.
Property and Casualty Related Laws - 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 can be searched using the database available through this
link.
Helpful forms for rate and form filing analysts
Transmittal Header
Form for 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.
SERFF - System for Electronic Rate and Form
Filing - Is designed to
provide improved efficiency through today's technology to insurance
company rate and form filing analysts. Insurance companies are able to
file forms electronically an reduce the time and cost involved in making
regulatory filings.
Monthly Metrics
Reports – We monitor and compile statistics on the review time
for all rate and form filings.
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