Arkansas § 23-79-151 Liability insurance - Notice requirements prior to expiration of policy

Arkansas Statutes

§ 23-79-151 — Liability insurance - Notice requirements prior to expiration of policy

(a)(1) When an insurer writing workers' compensation insurance, employers' liability insurance, or professional liability insurance, including, but not limited to, medical malpractice insurance, revises its rates or rules and the revision results in a premium increase equal to or greater than twenty-five percent (25%) on any renewal policy issued for a term of twelve (12) months or less, the insurer shall mail or deliver to the insured's agent not less than sixty (60) days prior to the effective date of renewal and to the insured not less than thirty (30) days prior to the effective date of renewal notice specifically stating the insurer's intention to increase the premium by an amount equal to or greater than twenty-five percent (25%).

(2)If the notice is not given as stated in subdivis

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(a) (1) When an insurer writing workers' compensation insurance, employers' liability insurance, or professional liability insurance, including, but not limited to, medical malpractice insurance, revises its rates or rules and the revision results in a premium increase equal to or greater than twenty-five percent (25%) on any renewal policy issued for a term of twelve (12) months or less, the insurer shall mail or deliver to the insured's agent not less than sixty (60) days prior to the effective date of renewal and to the insured not less than thirty (30) days prior to the effective date of renewal notice specifically stating the insurer's intention to increase the premium by an amount equal to or greater than twenty-five percent (25%). (2) If the notice is not given as stated in subdivision (a)(1) of this section, the insurer is required to extend the existing policy sixty (60) days from the date the notice is mailed or delivered. The premium for the policy as extended in such circumstances shall be no more than the pro rata premium of the existing policy. (b) Except in the case of nonpayment of premium, an insurer shall renew a policy unless a written notice of nonrenewal is mailed at least sixty (60) days prior to the: (1) Expiration date of the policy; or (2) Anniversary date of a policy for a term longer than one (1) year and not having a fixed expiration date.

Arkansas § 23-79-151 (Liability insurance - Notice requirements prior to expiration of policy) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.