The Arkansas Insurance Department recently issued a reminder to property and casualty insurers operating in the state of the requirement to submit a report to the department concerning companies’ use of credit scoring in writing personal lines of insurance.
Arkansas Code Annotated § 23-67-415 requires that no later than March 31 of each year, each insurance company writing any personal insurance that uses credit scoring information shall report to the insurance commissioner for each personal insurance type listed in § 23-67-404(9) the number of:
(1) Policies written during the preceding year;
(2) Policies that received a premium increase due to credit scoring during the preceding year; and
(3) Policies that received a premium decrease due to credit scoring during the preceding year.
This subchapter applies to personal insurance and not to commercial insurance or any other type of insurance. “Personal insurance” means private passenger automobile, homeowners, motorcycle, mobile home owners, noncommercial dwelling fire insurance, noncommercial farm owners, boat, personal watercraft, snowmobile, and recreational vehicle policies.
If your company does not write any of the lines of insurance included in this definition of “personal insurance” nor have any policies in force and effect covering said lines at any time during the period covered by the report, notify the Property and Casualty Division of that fact prior to the March 31 due date. Such notification shall be considered meeting the reporting requirements of the Act.
Information filed with the commissioner under this section by an insurance company shall be treated as proprietary information and is exempt from public disclosure.
The form with which to report the required information is available on the department’s Web site at www.accessarkansas.org/insurance/pdf/bulletin_14_2004.pdf.
For more information contact, Alexa Grissom or Becky Harrington, Property and Casualty Division, at (501) 371-2800 or firstname.lastname@example.org, or email@example.com or fax at (501) 371-2748.
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