AR SB1071

Requires the Insurance Commissioner to provide insurers with actuarial analysis, statistical data interpretation, and methodology within five (5) working days if the commissioner disapproves a rate.

Establishes that insurance rates on individual accident and health contracts are automatically approved upon filing if the insurer files a loss ratio guarantee and complies with its terms.

Requires insurers with approved rates to provide policyholders written notice that rates may be increased more than once per year, delivered no later than policy delivery for new policyholders.

Mandates loss ratio guarantees include written guarantees of proportional refunds to policyholders if actual loss ratios fail to meet standards, with refunds paid in the third quarter following the experience period and including statutory interest.

Specifies that loss ratio guarantees apply to experience periods beginning when rates take effect and ending when $1,000,000 in earned premium is attained in Arkansas or nationally if applicable, with independent audits required at the insurer's expense.