§ 23-67-504 - Rate administration. - Arkansas Statutes

23-67-504. Rate administration.

(a) (1) The Insurance Commissioner shall promulgate rules requiring each malpractice insurer to record and report its loss and expense experience and any other data, including reserves, the commissioner considers necessary to determine whether rates comply with the standards set forth in 23-67-502.

(2) The information shall be provided in the form prescribed by the commissioner.

(b) The commissioner may require that the malpractice insurer's annual report and any supplemental report that contains information about a malpractice insurer's loss and loss adjustment reserves be accompanied by an opinion signed and sworn to by a qualified and independent actuary verifying that within the nine (9) months prior to the submission of the report:

(1) The actuary has conducted a review and analysis of the malpractice insurer's loss and loss adjustment reserves; and

(2) The reserves are:

(A) Computed in accordance with accepted loss-reserving standards; and

(B) Fairly stated in accordance with sound loss-reserving principles.

(c) The commissioner shall:

(1) Maintain by malpractice insurer all reports submitted under this section for at least six (6) years; and

(2) Consider the reports in determining the appropriateness of rates for malpractice insurance.

(d) The commissioner may:

(1) Examine and review the assessment of risk for different specialties or practices;

(2) Hold a public hearing on any filing containing a risk assignment for malpractice insurance to determine whether the risk assignment is reasonable; and

(3) Issue orders concerning the risk assignment.