§ 23-61-115 - Policyholder's Bill of Rights. - Arkansas Statutes

23-61-115. Policyholder's Bill of Rights.

(a) The principles expressed in subsection (b) of this section shall serve as standards to be followed by the Insurance Commissioner in:

(1) Exercising the commissioner's powers and duties;

(2) Exercising administrative discretion;

(3) Dispensing administrative interpretations of the law; and

(4) Adopting rules and regulations.

(b) Policyholders shall have the right to:

(1) Competitive pricing practices and marketing methods that enable them to determine the best value among comparable policies;

(2) Insurance advertising and other selling approaches that provide accurate and balanced information on the benefits and limitations of a policy;

(3) An insurer that is financially stable;

(4) Be serviced by a competent, honest insurance producer;

(5) A readable policy;

(6) An insurer that provides an economic delivery of coverage and that tries to prevent losses; and

(7) Balanced and positive regulation by the State Insurance Department.

(c) This section shall not be construed as creating, extinguishing, repealing, or limiting any civil cause of action.