§ 23-79-162 — Notice of renewal in affiliate or subsidiary

Arkansas § 23-79-162

• Jurisdiction: Arkansas
• Title: 23

Text

(a) This section applies to all forms of property and casualty insurance written under this subchapter. (b) A notice of nonrenewal is not required if: (1) The insured is transferred from an insurer to an affiliate insurer for future coverage; and (2) The transfer results in substantially similar or broader coverage to the insured. (c) (1) Notice of a renewal in an affiliate or subsidiary shall be provided to a policyholder according to the renewal notice requirements applicable to the type or kind of policy being renewed. (2) The notice of renewal in an affiliate or subsidiary described in subdivision (c)(1) of this section shall state: (A) The reason for the change to the affiliate or subsidiary; (B) That coverage shall be provided by the affiliate or subsidiary unless the policyholder chooses to pursue coverage with an insurer outside the group of affiliated insurers; and (C) The relevant information about changes to the policy's deductible, provisions, and amount of premium. (d) At least ninety (90) days in advance of mailing the notice of renewal in an affiliate or subsidiary to its policyholders, an insurer shall notify the Insurance Commissioner of its intention to renew policies in bulk in an affiliate or subsidiary and provide the commissioner with a copy of the notice to policyholders. (e) This section does not repeal or supersede any requirements of the Insurance Holding Company Regulatory Act, § 23-63-501 et seq., including without limitation the provisions of § 23-63-515 that are applicable to material transactions between an insurer and an insurer's affiliates.

Legislative History

Added by Act 2019, No. 689,§ 3, eff. 7/24/2019.