Arkansas Code Title 23, Subtitle 3, Chapter 67, Subchapter 4 - Use of Credit Information in Personal Insurance Act

• § 23-67-401 - Title.
  This subchapter shall be known and may be cited as the "Use of Credit Information in Personal Insurance Act".
• § 23-67-402 - Purpose.
  The purpose of this subchapter is to regulate the use of credit information for personal insurance so that consumers are afforded certain protections with...
• § 23-67-403 - Scope.
  This subchapter applies to personal insurance and not to commercial insurance or any other type of insurance.
• § 23-67-404 - Definitions.
  For the purposes of this subchapter: (1) "Adverse action" means a denial or cancellation of, an increase in any charge for, or a reduction...
• § 23-67-405 - Use of Credit Information.
  An insurer authorized to do business in Arkansas that uses credit information to underwrite or rate risks shall not: (1) Use a credit score...
• § 23-67-406 - Dispute Resolution and Error Correction.
  (a) If it is determined through the dispute resolution process set forth in section 1681i(a)(5) of the Fair Credit Reporting Act, 15 U.S.C. §...
• § 23-67-407 - Initial Notification.
  (a) (1) If an insurer writing personal insurance uses credit information in underwriting or rating a consumer, the insurer or its agent shall disclose...
• § 23-67-408 - Adverse Action Notification.
  If an insurer takes an adverse action based upon credit information, the insurer shall: (1) Provide the consumer the name, address, and phone number...
• § 23-67-409 - Filing.
  (a) (1) Insurers that use credit scores to underwrite or rate risks shall file their scoring models or other scoring processes with the State...
• § 23-67-410 - Indemnification.
  (a) An insurer shall indemnify, defend, and hold agents harmless from and against all liability, fees, and costs arising out of or relating to...
• § 23-67-411 - Sale of Policy Term Information by Consumer Reporting Organization.
  (a) (1) No consumer reporting agency shall provide or sell data or lists that include any information that, in whole or in part, was...
• § 23-67-412 - Fair Credit Reporting Act.
  The provisions of this subchapter shall be subject to the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.
• § 23-67-413 - Individual Underwriting Allowed.
  Nothing in this subchapter is intended to prevent an insurer from considering each risk on an individual basis, looking at individual risk characteristics and...
• § 23-67-414 - Regulations.
  The Insurance Commissioner may make reasonable rules and regulations necessary for or as an aid to the effectuation of any provision of this subchapter.
• § 23-67-415 - Annual Report Regarding Personal Insurance.
  (a) No later than March 31 of each year, each insurance company writing any personal insurance that uses credit-scoring information shall report to the...

Last modified: November 15, 2016