§ 23-72-115 - Notice to members of scaled and reduced claims. - Arkansas Statutes

23-72-115. Notice to members of scaled and reduced claims.

(a) Each insurer shall, on or before March 1 as to the preceding calendar year, give written notice thereof by mail to those of its members whose status and conditions of certificate or policy are similar, if the insurer has scaled and reduced its beneficial claims for the preceding year.

(b) The notice shall contain the names and addresses of the deceased members, the accrued or face value of the certificate, and the amount received by the beneficiary and shall only include all those scaled or reduced claims by reason of insufficient yield of assessments or revenue apportioned to the settlement of such claims.

(c) The notice shall have printed thereon as a heading in bold face type of not less than eighteen (18) points the words: "NOTICE AND WARNING".