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).
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.
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.
The effective date of this rule is August if 1997.
The definitions set forth in Arkansas Code Annotated -65-501 shall apply to this rule.
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.
054.00.97 Ark. Code R. 014