(a) In a competitive market, property and casualty insurance for commercial risks, excluding workers' compensation, employers' liability, and professional liability insurance, including, but not limited to, medical malpractice insurance, are exempted from the rate filing and review provisions set forth in this chapter.
(b) Risks or portions thereof which are not rated according to manuals, rating plans, or schedules including “a” rates, risks rated under the “referral to company” or “individual risk situations” rules, are exempted from the rate filing and review provisions set forth in this chapter. Insurers must maintain complete files on how they determined the rate for such risks and make these files available to the Insurance Commissioner upon request.
(c) The commissioner, upon his or her own initiative or upon request of any person, by order, may exempt any market, segment, or line from any or all of the provisions of this chapter if and to the extent that he or she finds the exemption necessary to achieve the purposes of this chapter.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 67 - Rates and Rating Organizations
Subchapter 2 - Regulation of Insurance Rates
§ 23-67-204. Payment of dividends
§ 23-67-207. Noncompetitive market
§ 23-67-211. Filing of rates and other rating information
§ 23-67-212. Procedural requirements
§ 23-67-213. Disapproval of rates
§ 23-67-214. Licensing of advisory organizations
§ 23-67-215. Insurers and advisory organizations — Prohibited activities
§ 23-67-216. Advisory organizations — Permitted activities
§ 23-67-217. Advisory organizations — Filings
§ 23-67-218. Records and reports
§ 23-67-219. Workers' compensation and employers' liability insurance