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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-83-107. Requirements of group policies

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

Group insurance offered to a resident of this state under a group policy issued to a group other than one described in §§ 23-83-102--23-83-106 shall be subject to the following requirements:

(1) No group policy or certificate shall be delivered in this state unless the Insurance Commissioner finds that:

(A) The issuance of the group policy is not contrary to the best interest of the public;

(B) The issuance of the group policy would be actuarially sound;

(C) The issuance of the group policy would result in economies of acquisition or administration; and

(D) The benefits are reasonable in relation to the premiums charged;

(2) The premium for the policy shall be paid either from the policyholder's funds or from funds contributed by the covered persons, or from both;

(3) The commissioner may issue rules implementing the requirements of subdivision (1) of this section; and

(4) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-83-107. Requirements of group policies - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-83-107/

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