§ 23-102-103 - Definitions. - Arkansas Statutes

23-102-103. Definitions.

As used in this chapter:

(1) "Authority" means the Arkansas Earthquake Authority;

(2) "Board" means the Board of the Arkansas Earthquake Authority;

(3) "Commissioner" means the Insurance Commissioner;

(4) "Event" means an earthquake and all subsequent earthquakes occurring within the following seventy-two-hour period;

(5) "Insurer" means all property insurers as defined in 23-62-104 and includes farmers' mutual aid associations and all casualty insurers as defined in 23-62-105;

(6) "Net direct written premium" is the gross amount of premiums received from policies of insurance issued in this state less return premiums and dividends paid or credited to policyholders. "Net direct written premium" does not include premiums for indemnity reinsurance accepted from other licensed insurers, and there shall be no deductions for premiums for indemnity reinsurance ceded to other insurers; and

(7) "Program" means the Market Assistance Program.