Arkansas Code Title 23, Subtitle 3, Chapter 87 - Model Act for the Regulation of Credit Life Insurance and Credit Disability Insurance
- § 23-87-101 - Title.
This chapter may be cited as the "Model Act for the Regulation of Credit Life Insurance and Credit Disability Insurance".
- § 23-87-102 - Purpose.
The purpose of this chapter is to promote the public welfare by regulating credit life insurance and credit disability insurance.
- § 23-87-103 - Definitions.
For the purpose of this chapter, unless the context otherwise requires: (1) "Credit disability insurance" means insurance on a debtor to provide indemnity for...
- § 23-87-104 - Scope.
All life insurance and all disability insurance sold in connection with loans or other credit transactions shall be subject to the provisions of this...
- § 23-87-105 - Construction.
(a) Nothing in this chapter is intended to prohibit or discourage reasonable competition.(b) The provisions of this chapter shall be liberally construed.
- § 23-87-106 - Penalties.
(a) In addition to any penalty provided by law, any person who violates an order of the Insurance Commissioner after it has become final,...
- § 23-87-107 - Policy Forms.
Credit life insurance and credit disability insurance shall be issued only in the following forms: (1) Individual policies of life insurance issued to debtors...
- § 23-87-108 - Amount.
(a) Credit Life Insurance. The amount of credit life insurance shall not exceed the original amount of the indebtedness and any interest included therein.(b)...
- § 23-87-109 - Term.
(a) (1) Subject to acceptance by the insurer, the term of any credit life insurance or credit disability insurance shall commence on the date...
- § 23-87-110 - Provisions of Policies and Certificates of Insurance.
(a) All credit life insurance and credit disability insurance sold shall be evidenced by an individual policy or, in the case of group insurance,...
- § 23-87-111 - Delivery of Policy or Certificate.
(a) The individual policy or group certificate of insurance shall be delivered to the insured debtor at the time the indebtedness is incurred except...
- § 23-87-112 - Filing, Approval, and Withdrawal of Policies, Certificates, Notices, Etc.
(a) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, binders, endorsements, and riders shall be filed with the insurance commissioner...
- § 23-87-113 - Premiums and Refunds.
(a) (1) Each insurer issuing credit life insurance or credit disability insurance shall file with the Insurance Commissioner its schedules of premium rates for...
- § 23-87-114 - Issuance of Policies.
All policies of credit life insurance and credit disability insurance shall be delivered or issued for delivery in this state only by an insurer...
- § 23-87-115 - Claims.
(a) All claims shall be promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files. All...
- § 23-87-116 - Debtor's Choice of Insurer As Additional Security.
When credit life insurance or credit disability insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor,...
- § 23-87-117 - Compensation Limited.
(a) (1) In order to assure that the premium rates charged or to be charged for credit life insurance or credit disability insurance are...
- § 23-87-118 - Enforcement.
(a) After notice and hearing, the Insurance Commissioner may issue such rules and regulations as the commissioner deems appropriate for the supervision of this...
- § 23-87-119 - Judicial Review.
Any party to the proceeding affected by an order of the Insurance Commissioner shall be entitled to judicial review by following the procedure set...
Last modified: November 15, 2016