Arkansas SB481: TO CREATE A MORE SUSTAINABLE SYSTEM OF PROPERTY INSURANCE FOR PUBLIC SCHOOLS, STATE-SUPPORTED INSTITUTIONS OF HIGHER EDUCATION, AND STATE-OWNED PROPERTY; AND TO DECLARE AN EMERGENCY

What the bill says

An act to be entitled an act to create a more sustainable system of property insurance for public schools, statesupported institutions of higher education, and state-owned property; to create the office of property risk within the department of transformation and shared services; to amend the public elementary and secondary school insurance act; to revise the employee benefits division oversight subcommittee; to amend the arkansas multi-agency insurance trust fund act…

From the enrolled text:

An Act To Be Entitled AN ACT TO CREATE A MORE SUSTAINABLE SYSTEM OF PROPERTY INSURANCE FOR PUBLIC SCHOOLS, STATESUPPORTED INSTITUTIONS OF HIGHER EDUCATION, AND STATE-OWNED PROPERTY; TO CREATE THE OFFICE OF PROPERTY RISK WITHIN THE DEPARTMENT OF TRANSFORMATION AND SHARED SERVICES; TO AMEND THE PUBLIC ELEMENTARY AND SECONDARY SCHOOL INSURANCE ACT; TO REVISE THE EMPLOYEE BENEFITS DIVISION OVERSIGHT SUBCOMMITTEE; TO AMEND THE ARKANSAS MULTI-AGENCY INSURANCE TRUST FUND ACT; TO COMBINE PUBLIC ELEMENTARY AND SECONDARY SCHOOLS WITH STATE-SUPPORTED INSTITUTIONS OF HIGHER EDUCATION AND STATE-OWNED PROPERTY UNDER A SINGLE PROGRAM TO ENSURE PROPER VALUATION FOR PROPERTY INSURANCE PURPOSES; TO CREATE THE STATE CAPTIVE INSURANCE PROGRAM ACT; TO PROHIBIT THE USE OF PUBLIC ADJUSTING IN PROPERTY INSURANCE CLAIMS; TO ALLOW FOR THE CREATION OF A CAPTIVE INSURANCE COMPANY BY THE STATE OF ARKANSAS; TO DECLARE AN EMERGENCY; AND FOR OTHER PURPOSES. Subtitle TO CREATE A MORE SUSTAINABLE SYSTEM OF PROPERTY INSURANCE FOR PUBLIC SCHOOLS, *ANS286* 03/17/2025 3:20:39 PM ANS286 SB481 STATE-SUPPORTED INSTITUTIONS OF HIGHER EDUCATION, AND STATE-OWNED PROPERTY; AND TO DECLARE AN EMERGENCY. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. DO NOT CODIFY. Cooperation by state entities with State Captive Insurance Program. The Insurance Commissioner, the State Insurance Department, the Director of the Risk Management Division, the Secretary of the Department of Transformation and Shared …

Read the full official text