Arkansas Earthquake Authority Act

What this document is

Ark. Code Ann. Title 23, Subtitle 3, Chapter 102 - Arkansas Earthquake Authority Act (complete chapter, 19 sections, 23-102-101 to 23-102-119) is a state statute published by Arkansas Code Revision Commission / Bureau of Legislative Research; Arkansas Code Annotated public access edition published by LexisNexis (advance.lexis.com). It is one of the Arkansas documents that insurance license exam questions are written from, including arkansas property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Ark. Code Ann. Sec. 23-102-113 (Policy standards)

  “(a) The Arkansas Earthquake Authority shall offer a residential earthquake policy with dwelling coverage in amounts up to one hundred thousand dollars ($100,000). (b) Coverage for personal property and additional living expenses shall be provided as determined by the Board of the Arkansas...”

• Ark. Code Ann. Sec. 23-102-114(b) (Notice and declination, new policyholders)

  “(b) New Policyholders. (1) Insurers writing homeowner, farmowner, and fire and allied lines, excluding commercial policies and crop hail, shall advise new applicants for these types of coverage of the availability of residential earthquake insurance through the program or the authority, if coverage...”

• Ark. Code Ann. § 23-102-109(b)(1) and (b)(2) (Market Assistance Program)

  “(b) Insurers may participate in the program only after approval by the board. The board shall establish criteria which must be met by each program applicant for approval, including, but not limited to, the following minimum requirements: (1) All applicants for earthquake coverage which have...”

• Ark. Code Ann. § 23-102-114(a)(2) (Notice and declination, effect of the notice on existing policyholders)

  “(2) This notice from insurers shall not be deemed to provide earthquake coverage to existing policyholders who do not maintain a policy of residential earthquake insurance, nor shall the notice be deemed to increase the amounts of earthquake insurance for those policyholders who maintain coverage...”

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