§ 23-88-105 — Notice required prior to expiration of property insurance policy - Definition

Arkansas § 23-88-105

• Jurisdiction: Arkansas
• Title: 23

Text

(a) Except for nonpayment of premium, the insurer shall give either a written notice of nonrenewal or an offer of renewal at least thirty (30) days prior to the expiration of the policy's existing term. (b) The insurer shall send the insured a written notice and the insurance producer written or electronic notice of the offer of renewal under subsection (a) of this section, indicating the new premium and providing a description of any change in deductible or policy provision in the renewal policy. (c) As used in this section, "renewal" means the issuance or delivery by an insurer of a policy superseding a policy previously issued by the insurer at the end of the previously issued policy period if the policy is delivered by: (1) The same insurer; or (2) An affiliate or subsidiary, as those terms are defined in § 23-63-503 , that has a financial strength rating that is: (A) Issued by an industry-recognized independent insurance rating company; and (B) At least as good as the insurer issuing the superseded policy.

Legislative History

Amended by Act 2019, No. 689,§ 4, eff. 7/24/2019. Acts 2003, No. 1790, § 2.