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The Property and Casualty Division of the Arkansas Insurance
Department is responsible for monitoring and regulating rate and form
filing activities of insurance companies. All insurers transacting business
in the State of Arkansas
for marine, surety, workers compensation and all other property and
casualty coverage must submit their forms to this Division for approval.
The forms are then reviewed to ensure compliance with State law.
Insurance policy rates
and requests to change rates are filed with the Property and Casualty
Division. Since Arkansas
is considered a competitive rating state, rate changes are denied only if
such changes are found to be excessive, inadequate, or unfairly
discriminatory.
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.
The Division works closely with
the Consumer Services Division in addressing consumer complaints involving
coverage issues or rating questions. The Division, however, handles
all complaints regarding insurance policies for workers' compensation and
employers’ liability.
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