RULE 054.00.97-014 - Bulletin No. 12-97 - Change to Rule and Regulation 67 "Reporting of Fraudulent Insurance Acts"

RULE 054.00.97-014. Bulletin No. 12-97 - Change to Rule and Regulation 67 "Reporting of Fraudulent Insurance Acts"

SECTION 1. Purpose

The purpose of this rule is to assist -persons in the business of insurance having knowledge or a reasonable belief that a fraudulent insurance act is being, will be, or has been committed,. in complying with the mandatory reporting requirement of Arkansas Code Annotated § 23-55-505(a).

SECTION 2. Authority

This rule is issued pursuant to the authority vested in the commissioner by Arkansas Code Annotated, § 23-56-511, and other applicable provisions of Arkansas law.

SECTION 3. Applicability and Scope

This rule applies to any person engaget in the business of insurance in the State of Arkansas who as knowledge or a reasonable belief that a fraudulent insurance act is being, will be, or has been committed.

SECTION 4. Effective Dates

The effective date of this rule is August if 1997.

SECTION 5. Definitions

The definitions set forth in Arkansas Code Annotated -65-501 shall apply to this rule.

SECTION 6. Method of Reporting Suspected. Fraudulent Insurance Acts

(a) The reporting requirement of Arkansas Code Annotated § 23-66-505(a) may be 'satisfied by filing a completed fraud referral form with the Insurance Fraud Investigation Division of the Arkansas Insurance Department. The form shall be as prescribed by the commissioner and may be obtained from the Insurance Fraud Investigation Division.

(b) A reporting form containing substantially similar-language and providing all the information requested in the fraud referral form prescribed by the commissioner may be used, if previously approved by the commissioner.

SECTION 7. Severability

Any section or provision of this rule held by a court to be invalid or unconstitutional will not affect the validity of any other section or provision of this rule.

(11/3/1997)

The following state regulations pages link to this page.