Arkansas SB70: TO AMEND THE LAW CONCERNING STANDARDS FOR INSURANCE POLICIES; AND TO REVISE THE NOTICE REQUIREMENTS OF AN INSURER FOR A PREMIUM INCREASE

What the bill says

An act to be entitled an act to amend the law concerning standards for insurance policies; to revise the notice requirements of an insurer for a premium increase; and for other purposes. subtitle to amend the law concerning standards for insurance policies; and to revise the notice requirements of an insurer for a premium increase.

From the introduced text:

An Act To Be Entitled AN ACT TO AMEND THE LAW CONCERNING STANDARDS FOR INSURANCE POLICIES; TO REVISE THE NOTICE REQUIREMENTS OF AN INSURER FOR A PREMIUM INCREASE; AND FOR OTHER PURPOSES. Subtitle TO AMEND THE LAW CONCERNING STANDARDS FOR INSURANCE POLICIES; AND TO REVISE THE NOTICE REQUIREMENTS OF AN INSURER FOR A PREMIUM INCREASE. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code § 23-79-307(a)(6)(A), concerning the notice requirements of an insurer due to a premium increase, is amended to read as follows: (6)(A) When an insurer revises its the insurer's rates or rules and the revision results in a premium increase equal to or greater than twenty-five percent (25%) on any renewal policy issued for a term of twelve (12) months or less, the insurer shall mail or deliver to the insured's agent not less than thirty (30) sixty (60) days prior to before the effective date of renewal, and to the insured not less than ten (10) thirty (30) days prior to before the effective date of renewal, notice specifically stating the insurer's intention to increase the premium by an amount equal to or greater than twenty-five percent (25%). *ANS098* 01/15/2025 12:21:30 PM ANS098

Read the full official text

Sponsors

• Hickey Jr, Jimmy (R, 4) · primary sponsor
• Robin Lundstrum (R, 18)

Latest actions

1. February 6, 2025: Notification that SB70 is now Act 22
2. February 3, 2025: DELIVERED TO GOVERNOR.
3. February 3, 2025: Reported correctly enrolled and ordered delivered to the Governor.
4. February 3, 2025: ORDERED ENROLLED
5. February 3, 2025: Returned from the House as passed.
6. February 3, 2025: Returned to the Senate as passed.
7. February 3, 2025: Read the third time and passed and ordered transmitted to the Senate.
8. January 29, 2025: Returned by the Committee Do Pass
9. January 27, 2025: Read the first time, rules suspended, read the second time and referred to the Committee on INSURANCE & COMMERCE- HOUSE
10. January 27, 2025: RECEIVED FROM THE SENATE

Votes

• House Roll Call #152 (February 10, 2025): 95 yea, 0 nay, passed
• Senate Roll Call #99 (February 5, 2025): 32 yea, 0 nay, passed
• House Roll Call #76 (February 3, 2025): 98 yea, 0 nay, passed
• Senate Roll Call #48 (January 27, 2025): 35 yea, 0 nay, passed

Common questions

What is SB70?

SB70 is a bill in the Arkansas Legislature (95th General Assembly (2025 Regular)): TO AMEND THE LAW CONCERNING STANDARDS FOR INSURANCE POLICIES; AND TO REVISE THE NOTICE REQUIREMENTS OF AN INSURER FOR A PREMIUM INCREASE.

What does SB70 do?

In its own words: An act to be entitled an act to amend the law concerning standards for insurance policies; to revise the notice requirements of an insurer for a premium increase; and for other purposes. subtitle to amend the law concerning standards for insurance policies; and to revise the notice requirements of an insurer for a premium increase.

What is the status of SB70?

Chaptered as of February 6, 2025. Latest action: Notification that SB70 is now Act 22 (February 6, 2025).

Who sponsored SB70?

Hickey Jr, Jimmy (R, 4), with 1 co-sponsor.

Where is the official record for SB70?

On the Arkansas Legislature website: https://www.arkleg.state.ar.us/Bills/Detail?ddBienniumSession=2025%2F2025R&measureno=SB70