(a) The Board of the Arkansas Earthquake Authority shall develop and implement a Market Assistance Program to assist insureds in procuring residential earthquake coverage in the voluntary market. This shall be accomplished by providing those seeking residential earthquake coverage with a list of insurers participating in the program.
(b) Insurers may participate in the program only after approval by the board. The board shall establish criteria which must be met by each program applicant for approval, including, but not limited to, the following minimum requirements:
(1) All applicants for earthquake coverage which have underlying homeowner, farmowner, or dwelling fire insurance coverage, or meet other criteria as determined by the board and approved by the Insurance Commissioner, shall be accepted;
(2) Residential earthquake coverage must be offered as monoline coverage;
(3) The insurer-applicant is in sound financial condition; and
(4) The insurer-applicant has retained or contracted with appropriate skilled personnel to service insureds.
(c) By rule and regulation, the commissioner may restructure the program criteria set forth in subsection (b) of this section or any other component of the program if the commissioner finds that the program is not substantially accomplishing its objective of assisting residential insureds in procuring earthquake coverage in the voluntary market and that the restructuring will be in the best interests of Arkansas citizens.
(d) Program insurers shall give ninety (90) days' notice in writing to the board and the commissioner of their withdrawal from the program.
(e) Notwithstanding any provision in ยง 23-64-514 regarding agent appointments, all licensed property and casualty agents shall be authorized to access and place coverage through a program insurer.
Section: Previous 23-102-102 23-102-103 23-102-104 23-102-105 23-102-106 23-102-107 23-102-108 23-102-109 23-102-110 23-102-111 23-102-112 23-102-113 23-102-114 23-102-115 23-102-116 NextLast modified: November 15, 2016