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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-67-207. Existence of market competition

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) If the Insurance Commissioner has cause to believe that a reasonable degree of competition does not exist in a market, the commissioner shall hold a hearing. In determining whether a reasonable degree of competition exists, insurers operating within that market shall have the burden of establishing that a reasonable degree of competition exists within that market.

(b)(1) The commissioner shall consider relevant tests of competition pertaining to market structure, market performance, and market conduct, and the practical opportunities available to consumers in the market to acquire pricing and other consumer information and to compare and obtain insurance from competing insurers.

(2) These tests may include, but are not limited to, the following:

(A) Size and number of insurers actively engaged in the market;

(B) Market shares and changes in market shares of insurers;

(C) Ease of entry into and exit from a given market;

(D) Underwriting restrictions; and

(E) Whether long-term profitability for insurers generally in the market is unreasonably high.

(c) After the hearing, the commissioner shall issue an order as to his or her findings. This order shall expire no later than one (1) year after it is effective as provided in the order.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-67-207. Existence of market competition - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-67-207/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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