§ 23-67-506 - Review of filings. - Arkansas Statutes

23-67-506. Review of filings.

(a) All malpractice rate filings shall remain on file for public inspection.

(b) Whenever a malpractice insurer files a proposed overall rate increase of twenty percent (20%) or greater, it shall:

(1) Publish notice of the filing for three (3) consecutive business days in a newspaper of general circulation in this state; and

(2) Furnish proof of notice to the Insurance Commissioner.

(c) The commissioner may hold a hearing on any malpractice rate increase filing.

(d) The commissioner shall approve or disapprove all malpractice rate filings subject to the standards for rates under 23-67-502 within sixty (60) days after the date of the filing.

(e) Notwithstanding subsection (d) of this section, the commissioner may approve an excessive rate if he or she finds that the failure to approve the rate may tend to substantially lessen competition in the Arkansas malpractice insurance market.