Arkansas Administrative Code › Agency 054 - Arkansas Insurance Department › Rule 054.00.94-008 - Reg. 61 - Insurer Reports of Arkansas Property and Casualty Claims Experience Pursuant to Act 166 of 1993

Current through Register Vol. 49, No. 6, June, 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 156 of 1993. 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 Act 166 of 1993, and Ark. Code Ann. §
							23-61-108,
		  §§
							25-15-201, et
		  seq. under the Administrative Procedure Act, 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 and Regulation shall be effective on
		  August 1, 1994, 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 writing in this State, and in particular on all Arkansas loss claims
		  reported and incurred but not reported as to personal and commercial polices
		  and contracts covering Arkansas risks, including those multi-state polices
		  covering Arkansas persons or properties, or activity of 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 and Regulation to all licensed property and casualty insurers, and
		  insurers shall duplicate the form and complete it for filing the annual reports
		  coincident with the filing of their Annual Statement pursuant to Ark. Code
		  §
									23-63-216.
		  The claims reports are due no later than March 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 March 1st annual
		  deadline.
(2) DISKETTE FILINGS. In
		  lieu of a hard copy report filing, filing of the annual reports required by
		  this Rule and Regulation may be performed by diskette filings, accompanied by a
		  supporting hard copy, with the advance permission of the Department. Insurers
		  may secure a Lotus format diskette from the Department for use in filing
		  reports by diskette matching the prescribed format of Form AR 166, upon filing
		  of a written request therefor accompanied by a twenty dollar ($20) distribution
		  and handling charge by company check or money order and payable to The State
		  Insurance Department Trust Fund pursuant to the provisions of Act 652 of
		  1993.
(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 and Regulation 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"
		  or "none" or other applicable notations under the appropriate sections, and
		  annotating the appropriate explanation on the form.
(e) FIRST ANNUAL DEADLINE. The first Report
		  due under Act 166 of 1993 shall be due no later than March 1, 1995, covering
		  the 1994 calendar year reporting period.
(f) 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,
		  §
								23-66-205(5),
		  and other applicable laws; and shall be subject to the penalties recited in
		  Ark. Code Ann. § 23-65-210, including suspension or revocation of the
		  Arkansas Certificate of Authority, and monetary fines and other applicable
		  provisions of the Arkansas Insurance Code.
(g) 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.
(h)
		  COMMISSIONER'S ANNUAL PUBLICATION. The Commissioner shall compile and make
		  available to the public the reports filed by each licensee as required by Act
		  166 of 1993 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 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.