P/C CLAIMS REPORTS HEARING SCHEDULED

The Arkansas Insurance Depart-ment will hold a public hearing July 27 to determine whether Insurance Commissioner Julie Benafield Bowman should revise and re-adopt Rule and Regulation 61, “Insurer Reports of Arkansas Property and Casualty Claims Experience Pursuant to Act 166 of 1993.”

The hearing will take place at 10:00 a.m. in the First Floor Hearing Room, Arkansas Insurance Department, 1200 West Third Street in Little Rock.

The proposed revisions to Rule 61 relate mainly to how the claims reporting form may be filed when such reports are due. Under the proposed Rule, the claims reports are now due no later than May 1 annually, unless the Commissioner grants an extension of time to the insurer. Additionally, the proposed Rule allows insurers to submit the claims reporting form electronically, as well as providing insurers an electronic version of the form on the department’s Web site. Finally, how insurers must make a “zero” report is clarified.

The proposed Rule 61 is viewable on the DOI Web site at www.accessarkansas/org/ insurance.