§ 23-88-205 - Promulgation of form by Insurance Commissioner. - Arkansas Statutes

23-88-205. Promulgation of form by Insurance Commissioner.

(a) In promulgating the antiarson application form, the Insurance Commissioner shall consider generally recognized two-tier application forms. If the initial first-tier application elicits certain predesignated answers, then the administration of a second-tier supplementary application shall be mandatory.

(b) The two-tier application shall secure the disclosure of information, including, but not limited to:

(1) The name and address of the applicant and any mortgagees and any other parties who have an ownership interest in the property;

(2) The amount of insurance requested and the method of valuation used to establish the amount of insurance;

(3) The dates and selling prices of the property in all real estate transactions involving the property during the last three (3) years;

(4) The applicant's loss history over the last five (5) years with regard to any property in which he or she held an equity interest or a mortgage and when any loss exceeded one thousand dollars ($1,000) in damages;

(5) All taxes unpaid or overdue for one (1) or more years and any mortgage payments overdue by three (3) months or more;

(6) All current violations of fire, safety, health, building, or construction codes on the property to be insured; and

(7) The present occupancy of the structure.