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Current as of March 28, 2024 | Updated by Findlaw Staff
(a) In promulgating the antiarson application form, the Insurance Commissioner shall consider generally recognized two-tier application forms. If the initial first-tier application elicits certain predesignated answers, then the administration of a second-tier supplementary application shall be mandatory.
(b) The two-tier application shall secure the disclosure of information, including, but not limited to:
(1) The name and address of the applicant and any mortgagees and any other parties who have an ownership interest in the property;
(2) The amount of insurance requested and the method of valuation used to establish the amount of insurance;
(3) The dates and selling prices of the property in all real estate transactions involving the property during the last three (3) years;
(4) The applicant's loss history over the last five (5) years with regard to any property in which he or she held an equity interest or a mortgage and when any loss exceeded one thousand dollars ($1,000) in damages;
(5) All taxes unpaid or overdue for one (1) or more years and any mortgage payments overdue by three (3) months or more;
(6) All current violations of fire, safety, health, building, or construction codes on the property to be insured; and
(7) The present occupancy of the structure.
Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-88-205. Application form - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-88-205/
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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