Arkansas Code Title 23, Subtitle 3, Chapter 102 - Arkansas Earthquake Authority Act

• § 23-102-101 - Short Title.
  This chapter shall be known and may be cited as the "Arkansas Earthquake Authority Act".
• § 23-102-102 - Legislative Findings and Intent.
  (a) The threat of or the actual occurrence of a major earthquake poses serious consequences for the State of Arkansas and its citizens. Of...
• § 23-102-103 - Definitions.
  As used in this chapter: (1) "Authority" means the Arkansas Earthquake Authority; (2) "Board" means the Board of the Arkansas Earthquake Authority; (3) "Commissioner"...
• § 23-102-104 - Establishment of Arkansas Earthquake Authority.
  (a) There is created a nonprofit legal entity to be known as the "Arkansas Earthquake Authority". The authority shall operate subject to the supervision...
• § 23-102-105 - Board.
  (a) The Arkansas Earthquake Authority shall operate subject to the supervision and control of the Board of the Arkansas Earthquake Authority. There shall be...
• § 23-102-106 - Immunity and Limitations on Liability.
  There is no liability on the part of and no cause of action of any nature may arise against any participating insurer, the Arkansas...
• § 23-102-107 - Plan of Operation -- Suspension of Operation -- Dissolution.
  (a) (1) The Board of the Arkansas Earthquake Authority shall adopt a plan of operation pursuant to this chapter and shall submit to the...
• § 23-102-108 - Powers.
  (a) The Board of the Arkansas Earthquake Authority shall have the general powers and authority granted under the laws of the State of Arkansas...
• § 23-102-109 - Market Assistance Program.
  (a) The Board of the Arkansas Earthquake Authority shall develop and implement a Market Assistance Program to assist insureds in procuring residential earthquake coverage...
• § 23-102-110 - Coverages Accessible Through Arkansas Earthquake Authority.
  (a) As long as the Market Assistance Program has at least one (1) approved insurer, no residential earthquake coverage shall be issued by the...
• § 23-102-111 - Administration of Arkansas Earthquake Authority.
  (a) The Board of the Arkansas Earthquake Authority may either appoint an Executive Director of the Arkansas Earthquake Authority or may select a Plan...
• § 23-102-112 - Funding.
  (a) Rates. (1) The Arkansas Earthquake Authority shall establish rates for plan coverage. These rates and rating schedules may be adjusted for appropriate factors...
• § 23-102-113 - Policy Standards.
  (a) The Arkansas Earthquake Authority shall offer a residential earthquake policy with dwelling coverage in amounts up to one hundred thousand dollars ($100,000).(b) Coverage...
• § 23-102-114 - Notice and Declination.
  (a) Existing Policyholders. (1) (A) Insurers writing homeowner, farmowner, fire and allied lines, excluding commercial policies and crop hail, shall notify policyholders who do...
• § 23-102-115 - Appeal.
  Any applicant for a policy, any persons insured under the Market Assistance Program or the Arkansas Earthquake Authority, and any agency or insurer affected...
• § 23-102-116 - Rules and Regulations.
  The Insurance Commissioner is authorized to promulgate such reasonable rules and regulations as are necessary to carry out the provisions of this chapter.
• § 23-102-117 - Federal or Multistate Catastrophic Funds.
  In the event a federal or multistate catastrophic insurance or reinsurance program intended to serve purposes similar to the purposes of the Market Assistance...
• § 23-102-118 - Exemption From Arkansas Property and Casualty Insurance Guaranty Act.
  Notwithstanding any other provision of law to the contrary, neither the Arkansas Earthquake Authority nor its policyholders shall be subject to the provisions of...
• § 23-102-119 - Termination of Arkansas Earthquake Authority.
  Upon termination of the Arkansas Earthquake Authority by the General Assembly or the Insurance Commissioner, its remaining funds shall be transferred to the State...

Last modified: November 15, 2016