§ 23-90-111. Covered claims -- Notification to insureds of insurer's insolvency

AR Code § 23-90-111 (2018) (N/A)

Copy with citation

Copy as parenthetical citation

(a) This chapter shall apply to covered claims existing prior to the determination that an insurer is an insolvent insurer and to covered claims arising within thirty (30) days after the determination of insolvency or before the policy expiration date if less than thirty (30) days after the determination of insolvency or before the insured replaces the policy or effects its cancellation, if he or she does so within thirty (30) days of the determination of insolvency.

(b) Upon the determination by a court of competent jurisdiction that an insurer is an insolvent insurer, the Insurance Commissioner shall notify the insureds of the insolvent insurer of the determination and of their rights under this chapter. The notification shall be by mail at each insured's last known address, when available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation printed in this state shall be sufficient.

(c) Notwithstanding any other provisions of this chapter, a covered claim shall not include any claim filed with the guaranty fund after the final date set by the court for the filing of claims against the liquidator or receiver of an insolvent insurer.

Previous Section

§ 23-90-110. Arkansas Property and Casualty Advisory Association -- Right of officers, directors, and employees to contract -- Interested parties

Next Section

§ 23-90-112. Estimation of amount needed to pay claims -- Assessment of insurers