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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-88-105. Notice required prior to expiration of property insurance policy

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

(a) Except for nonpayment of premium, the insurer shall give either a written notice of nonrenewal or an offer of renewal at least thirty (30) days prior to the expiration of the policy's existing term.

(b) The insurer shall send the insured a written notice and the insurance producer written or electronic notice of the offer of renewal under subsection (a) of this section, indicating the new premium and providing a description of any change in deductible or policy provision in the renewal policy.

(c) As used in this section, “renewal” means the issuance or delivery by an insurer of a policy superseding a policy previously issued by the insurer at the end of the previously issued policy period if the policy is delivered by:

(1) The same insurer; or

(2) An affiliate or subsidiary, as those terms are defined in § 23-63-503, that has a financial strength rating that is:

(A) Issued by an industry-recognized independent insurance rating company; and

(B) At least as good as the insurer issuing the superseded policy.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-88-105. Notice required prior to expiration of property insurance policy - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-88-105/

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