§ 23-83-107 - Restrictions on coverage of other groups. - Arkansas Statutes

23-83-107. Restrictions on coverage of other groups.

Group insurance offered to a resident of this state under a group policy issued to a group other than one described in 23-83-102 -- 23-83-106 shall be subject to the following requirements:

(1) No group policy or certificate shall be delivered in this state unless the Insurance Commissioner finds that:

(A) The issuance of the group policy is not contrary to the best interest of the public;

(B) The issuance of the group policy would be actuarially sound;

(C) The issuance of the group policy would result in economies of acquisition or administration; and

(D) The benefits are reasonable in relation to the premiums charged.

(2) The premium for the policy shall be paid either from the policyholder's funds or from funds contributed by the covered persons, or from both;

(3) The commissioner may issue regulations implementing the requirements of subdivision (1) of this section; and

(4) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.