A. Antifraud plans shall be submitted to the commissioner for approval and shall outline specific procedures to:
(1) prevent, detect, and investigate suspected fraudulent insurance acts;
(2) educate and train appropriate employees in the insurer's antifraud plan, as well as in the identification of suspected fraudulent insurance acts;
(3) comply with the mandatory reporting requirements of Arkansas Code Annotated § 23-66-505 and § 11-9-106(d)(6) regarding suspected fraudulent insurance acts;
(4) increase awareness of the impact of fraudulent insurance acts and the methods of preventing insurance fraud;
(5) pursue civil remedies for financial loss caused by fraudulent insurance acts, where appropriate; and
(6) facilitate assistance and communication with the Insurance Fraud Investigation Division of the Arkansas Insurance Department by identifying a representative within the employ of the insurer to act as a liaison on insurance fraud matters.
B. Each antifraud plan shall state a specific implementation date and a mechanism for review of the plan for effectiveness, which review shall be undertaken no less than every twenty-four (24) months.
C. Amendments to an approved plan shall be submitted to the commissioner within thirty (30) days after their implementation.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.66-8, AR ADC 054.00.66-8
