(a) If the Arkansas Life and Health Insurance Guaranty Association elects to reissue terminated coverage at a premium rate different from that charged under the terminated policy or contract, the premium shall be actuarially justified and set by the association according to the amount of insurance or coverage provided and the age and class of risk, subject to prior approval of the Insurance Commissioner.
(b) The association's obligations with respect to coverage under any policy or contract of the impaired insurer or insolvent insurer or under any reissued or alternative policy or contract shall cease on the date the coverage or policy or contract is replaced by another similar policy or contract by the policy or contract owner, the insured, the enrollee, or the association.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 96 - Arkansas Life and Health Insurance Guaranty Association Act
§ 23-96-103. Construction — Applicability
§ 23-96-105. Advertisement of association act in insurance sales — Notice to policy owners
§ 23-96-110. Powers and duties of association
§ 23-96-111. Impaired insurers
§ 23-96-112. Insolvent insurers
§ 23-96-113. Authority of association when proceeding under § 23-96-111 or § 23-96-112
§ 23-96-114. Liability for benefits — Assignment or subrogation of rights — Definition
§ 23-96-115. Assessments — Tax credits
§ 23-96-116. Plan of operation
§ 23-96-117. Detection and prevention of insolvencies or impairments
§ 23-96-118. Duties and powers of Insurance Commissioner
§ 23-96-119. Distributions of ownership rights