Procedures For Rate And Form Filings – Life And Disability Insurance

HE ARKANSAS INSURANCE DEPARTMENT 0 W. H. L. Woodyard Ill Insurance Commissioner BULLETIN NO. 12-81 400 University Tower Building ■ Little Rock, Arkansas 72204 July 31, 1981 TO: ALL AUTHORIZED LIFE & DISABILITY INSURERS LICENSED IN THE STATE OF ARKANSAS FROM: INSURANCE COMMISSIONER OF THE STATE OF ARKANSAS RE: PROCEDURES FOR RATE AND FORM FILINGS LIFE AND DISABILITY INSURANCE Ph. 501 371-1325 (1) A separate cover letter uust be submitted for each form. (2) Two copies of both the cover letter and form must be submitted. (3) A self-addressed, postage paid envelope must be furnished for the return of the company's copy of the filing. (4) TWo copies of the application must accompany the filing of the policy form. (5) While Arkansas does not have a policy filing fee, the appropriate fee must be paid on a retaliatory basis. (6) Act 258 of 1979, Readability, became effective July 19, 1981. Filings submitted without the proper certification required by Bulletin 14-79 will not be reviewed and will be returned to the company. (7) All life policy filings must be accompanied by a'aetailed statement of method" of the non-forfeiture values, including formulas and specimen calculations. (Life only) (8) Even though Rule and Regulation 18 Revised does not state that the Outline of Coverage is to be submitted to the Department, our position is that it must accompany the form filing and must be reviewed by us. (Disability only) Page 1 of 2 AN AGENCY OF THE ARKANSAS DEPARTMENT OF COMMERCE An equal opportunity employer • • • Bulletin No. 12-81 Page TWo July 31, 1981 (9) All individual health insurance rate filings must be accompanied by the actuarial data. The Department's position is that a projected loss ratio less than 50% is not a reasonable relationship between benefits and premiums. Single trip accident insurance is the only exception. (Disability only) 1-1117 W. . L. Woodyar III Insurance Commissioner