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Arkansas-Rate Review Law

  • Arkansas has prior approval of premium rate increases for all individual market products.
  • The state Insurance Department has 60 days to approve rates on HMO products, or they are deemed approved ARK. CODE ANN. § 23-76-112.; for non-profit insurers and non-HMO products, the approval period is 30 days. ARK. CODE ANN. §§ 23-75-111, 23-79-109.
  • Rates for non-HMO products may not be excessive, inadequate, or unfairly discriminatory; for all products, benefits must be reasonable in relation to premiums, meaning that a guaranteed minimum loss ratio must be met.
  • Partial rates and rate filings filed after March 2008 for some companies are available online; filings are considered public. ARK. CODE ANN. § 23-76-128.
  • The state has closed block regulations: ARK. CODE ANN. § 23-79-109.

Information is based on review of state statutes and regulations and in some case, interviews with state insurance departments.