Arkansas requires that all Life & Health forms be approved prior to use in this State. This includes certificates to be used in Arkansas, even though the group policy may be issued in another state.
Rates for individual accident and health coverage, small group major medical (50 or fewer policyholders), individual life contracts with non-guaranteed cost factors and individual and group credit life and health must be filed for approval.
Advertising for Medicare supplement coverage and long term care coverage must be approved prior to use.
The Department’s procedure as clarified in AID Declaratory Order No. 2016-091 shall apply from the effective date of Bulletin 14-2016, November 9, 2016, and until or unless replaced or superseded by a Rule or change in law.
The rate and form review time period that the Insurance Commissioner has to affirmatively approve or disapprove the form or rate under Ark. Code Ann. Sec. 23-79-109(b)(1) begins when the rate or form is filed with the Department. The Commissioner may extend that time period by not more than an additional thirty (30) days by giving notice of the extension before expiration of the initial thirty (30) day period pursuant to Ark. Code Ann. Sec. 23-79-109(b)(3).
The Department will communicate any deficiencies in the filing to the insurer and attempt to resolve prior to the expiration of the time period; however, outstanding deficiencies may result in filings being affirmatively disapproved in order to guard against deficient filings being approved by operation of law. If disapproved, a request to reopen the filing may be sent through a Note to Reviewer in order to respond to an outstanding objection.
Before issuing a group accident and health insurance policy to an association, the association or its insurer on behalf of the association, must file with the Department proof that the association is a qualified group under Arkansas Code Annotated § 23-86-106(2)(A). Approval of the association as a qualified group for insurance purposes will be determined upon receipt of the following information:
- Name and address of the association.
- The products that will be sold to the association. If the issuer will be selling previously approved forms, please give the SERFF tracking number and approval date of each product.
- Certification that there are at least 100 members at the time of filing the association for approval with the Department.
- A copy of the association's Articles of Incorporation and By Laws.
Please provide responses to the following questions in your filing submission:
- Is there a current office in Arkansas?
- Does the Arkansas part of the organization have any officers, committees, or chapters? If so, give details.
- Are annual dues charged? If so, specify amount.
- What are the specific activities of the association?
- What benefits are provided to the members in addition to insurance? ATTACH BROCHURES ON THE ASSOCIATION WHICH OUTLINES THE ADDITIONAL BENEFITS.
- What qualifies an individual for membership?
- How are members recruited? If by mailing list, advise the source of this list.
- Does the association receive any compensation of any kind from the insurer issuing contracts to its members? If so, the association cannot be approved. See 23-86-106(2)(E).
Please note that certificates issued in Arkansas must comply with Arkansas law. See 23-79-109(a)(1)(C)(2)(3).