§ 23-61-115 — Policyholder's Bill of Rights

Arkansas § 23-61-115

• Jurisdiction: Arkansas
• Title: 23

Text

(a) The principles expressed in subsection (b) of this section shall serve as standards to be followed by the Insurance Commissioner in: (1) Exercising the commissioner's powers and duties; (2) Exercising administrative discretion; (3) Dispensing administrative interpretations of the law; and (4) Adopting rules. (b) Policyholders have the right to: (1) Competitive pricing practices and marketing methods that enable them to determine the best value among comparable policies; (2) Insurance advertising and other selling approaches that provide accurate and balanced information on the benefits and limitations of a policy; (3) An insurer that is financially stable; (4) Be serviced by a competent, honest insurance producer; (5) A readable policy; (6) An insurer that provides an economic delivery of coverage and that tries to prevent losses; (7) Balanced and positive regulation by the State Insurance Department; and (8) A reasonable expectation that the policyholder's nonpublic personal information is securely maintained. (c) This section shall not be construed as creating, extinguishing, repealing, or limiting any civil cause of action.

Legislative History

Amended by Act 2019, No. 315,§ 2613, eff. 7/24/2019. Amended by Act 2017, No. 283,§ 5, eff. 8/1/2017. Acts 2005, No. 1697, § 2.