On Feb. 6, ARK LEG passed bill regarding the collection of broker fees.
ARK LEG approved Bill SB 76 to amend Arkansas codeARK INS 23-66-310(c) re excess fees charged for insurance by a licensed property or casualty agent or broker.
Provisions
Added surplus lines broker to provision stating that nothing prohibits agent/broker from charging a fee to insured and premium for a policy per insurer's rate, rule filings.
If a licensed property or casualty agent or broker refers a risk to a surplus lines broker licensed under ARK INS 23-65-308, then subdivision (c)(1)(B)(i) of bill does not apply.
Fee will be reasonable in re cost of underwriting, issuing, processing policy or contract.
Legislative History
On Jan. 16, 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. 3, 2025, bill returned to Senate; on Feb. 3, 2025, bill delivered to governor.
On Feb. 6, 2025, bill SB 76 was approved by the governor and then became Act 23.
Effectiveness
Act effective 91 days after legislature adjourned sine die (May 5), so Aug. 4, 2025.
