Current through Register Vol. 49, No. 9, September, 2024
SECTION
1.
PURPOSE.
The purpose of this Rule is to promulgate guidelines for licensed
property and casualty insurers to follow in reporting Arkansas claims
experience, premium income, and other related information on property and
casualty policies and contracts; and to specify the format and content of the
reporting form for the annual reports required by Act 166 of 1993, codified at
Ark. Code Ann. §§
23-63-1201,
et seq. Further, the Arkansas Insurance Department shall
compile, publish and make available the reports as to any particular insurer
and year to any interested insured or citizen or their legal
representatives.
SECTION 2.
AUTHORITY AND SCOPE.
This Rule is promulgated pursuant to the Commissioner's authority
under Ark. Code Ann. §
23-63-1201,
§
23-61-108, the
Administrative Procedure Act, codified at §§
25-15-201,
et seq., and other applicable laws. It is intended to apply to
all licensed property and/or casualty insurers holding an Arkansas Certificate
of Authority. It is not intended to apply to and shall not apply to foreign or
alien registered risk retention groups, registered purchasing groups,
automobile clubs or associations, or approved but not admitted surplus line
insurers.
SECTION 3.
EFFECTIVE DATE.
This Rule shall be effective on September 1, 2005, upon filing
with Arkansas Secretary of State and the Arkansas State Library, pursuant to
the provisions of Ark. Code Ann. §§
25-15-201, et
seq., as amended by Act 1106 of 1993.
SECTION 4.
REPORTING
REQUIREMENTS.
(a) COMPILATIONS.
Commencing on and after January 1, 1994, all licensed property and casualty
insurers shall keep records of and compile the following data on its direct
writings in this State, and in particular on all Arkansas loss claims reported
and incurred but not reported, as to personal and commercial policies and
contracts covering Arkansas risks, including those multi-state policies
covering Arkansas persons or properties, or activity or business
operations.
(b) REPORTING.
(1) REPORT FORM. The reporting form as
prescribed by the Commissioner, Form "AR 166" shall accompany the
mailing of this Rule to all licensed property and casualty insurers, and
insurers shall duplicate the form and complete it for filing. An electronic
version of the form may be found on the Department's website for those desiring
to submit the form as an attachment to an email, on a cdr disk (CD = write one
time, read multiple times), or a cdrw disk (CD = write and read multiple
times). The claims reports are due no later than May 1st annually, unless the
Commissioner has granted a time extension for good cause shown, after receiving
such written requests from the insurer in advance of the May 1st annual
deadline.
(2) FILINGS. In lieu of a
hard copy report filing, filing of the annual reports required by this Rule may
be performed by submitting the filing in Microsoft EXCEL format, or Openoffice
spreadsheet format as an attachment to an email, on a cdr, or a cdrw disk.
Email submissions shall be sent to: AR166@Arkansas.gov or to its successor
address, if any, published on the Department's website from time to time.
Submissions through email or the System for Electronic Rate and Form Filings
(SERFF) are encouraged and appreciated. However, all forms submitted through
email or on disk will not be considered received until the filing fee is
received by the Department; see Section 4(f), infra, for
additional information.
(3) FILINGS
BY LICENSED RATE SERVICE OR ADVISORY ORGANIZATIONS. Pursuant to Ark. Code Ann.
§§ 23-67-116(2) and (13), licensed rate service or advisory
organizations may file reports required by this Rule on behalf of a member or
subscriber insurer.
(c)
WAIVER OF REPORTS. Timely written requests filed with the Commissioner before
the due date asking his consideration for waiver of the reporting requirements
on an annual basis shall be considered and granted for good cause shown for
licensees under the following circumstances:
(1) Insurers currently under court-ordered
conservation, rehabilitation, or liquidation in their domiciliary states;
(2) insurers whose Arkansas
Certificate of Authority has been suspended, expired or revoked, or cancelled
upon voluntary surrender; and
(3)
insurers under orders of supervision or conservation issued by the domiciliary
insurance commissioner, director or superintendent. The Commissioner may grant
such waivers upon his own initiative by taking judicial notice of property and
casualty insurers under license suspensions or supervision in any state, under
a suspended or expired or revoked or cancelled Arkansas license, or under any
court-ordered conservation or rehabilitation or liquidation in any
state.
(d) "ZERO"
REPORTS REQUIRED. Other than insurers who have obtained waiver of the reports
from the Commissioner as described in Section (c) above, property and/or
casualty insurers with Arkansas Certificates of Authority listing a
"reinsurance only" restriction, and direct writers with no direct-written
Arkansas premiums in the reporting year, and insurers with no Arkansas losses
(incurred and reported, and incurred but not reported) to report under Arkansas
policies or contracts for the reporting period, shall all nonetheless be
responsible for and shall continue to file the annual forms, but shall complete
them by reporting "zero" under the appropriate sections. The filing fee, as set
forth in subsection (f) below, is still required for "zero" reports.
(e) PENALTIES. Any insurer failing to file
the annual report when due in the absence of a time extension or waiver granted
by the Commissioner, or any insurer filing a false or fraudulent report shall
be deemed to have committed a Trade Practice violation under Ark. Code Ann.
§
23-66-205,
§
23-66-206(5),
and other applicable laws; and shall be subject to the penalties recited in
Ark. Code Ann. §
23-66-210,
including suspension or revocation of the Arkansas Certificate of Authority,
and monetary fines and other applicable provisions of the Arkansas Insurance
Code.
(f) FILING FEES; DEPOSIT OF
FEES AND FINES. The annual filing fee shall be $50 per insurer pursuant to the
provisions of Act 652 of 1993. Insurer holding companies shall not file a
consolidated report. All such filing fees are payable by company check, money
order, and/or cashiers or certified check, and shall be payable to The State
Insurance Department Trust Fund ("Trust Fund"). Upon collection the
Commissioner shall immediately deposit all such fees into The Trust Fund as
special revenues. Fines and other monetary penalties shall be deposited as
other applicable Arkansas laws provide. All forms submitted through email or on
disk will not be considered as received until the filing fee is received by the
Department. Any filer submitting the form through SERFF may transmit the filing
fee by using its electronic funds transfer feature.
(g) COMMISSIONER'S ANNUAL PUBLICATION. The
Commissioner shall compile and make available to the public the reports filed
by each licensee as required by Ark. Code Ann. §
23-63-1204
and the provisions of this Rule. The Commissioner shall also file copies
annually with the Governor of the State of Arkansas, the Arkansas Legislative
Council, the Arkansas Secretary of State, the Arkansas State Library, and the
National Association of Insurance Commissioners. Fees payable to obtain the
annual reports shall be made payable to The State Insurance Department Trust
Fund by personal check, cashiers or certified checks, money orders or cash.
Upon collection, the Commissioner shall deposit such payments immediately into
The Trust Fund.
SECTION
5.
SEVERABILITY.
Any section or provision of this Rule held by a court to be
invalid or unconstitutional will not affect the validity of any other section
or provision of this Rule.
(signed by Julie Benafield Bowman)
________________
JULIE BENAFIELD BOWMAN
INSURANCE COMMISSIONER
STATE OF ARKANSAS
(August 18, 2005)
________________
DATE
Click
here to view image
Click
here to view image
Click
here to view image
