On Feb. 6, ARK LEG enacted bill regarding insurance premium increase
ARK LEG enacted SB 70 to amend Arkansas codeARK INS 23-3-79-3-23-79-307(a)(6)(A) re insurance policy standards, notice requirements of insurer for premium increase
If a revision in rates results in over 25% premium increase for a term of 12 months, insurer will notify insured's agent not less 60 days before effectiveness, of the change.
Legislative History
On Jan. 15, 2025, bill introduced in Senate; on Jan. 27, 2025, bill passed in Senate.
On Jan. 27, 2025, bill introduced in House; on Feb. 3, 2025, bill was passed in House.
On Feb. 6, 2025, bill SB 70 was approved by the governor and then became Act 22.
Effectiveness
Act effective 91 days after legislature adjourned sine die (May 5), so Aug. 4, 2025.
Regulators
ARK LEG
Entity Types
IB; Ins
Reference
Act 22, PR, Bill SB70, 2/6/2025; Citation: ARK INS 23-3-79-3-23-79-307;
Functions
Actuarial and Valuation; Compliance; Legal; Product Administration; Reporting; Underwriting
