REGULATORY ACTIVITY:

• Issued Bulletin 8-2018 regarding notification of repeal of rules pursuant to the Act 781 of 2017.   The repealed rules include:
  • Rule 9 –   Corporate Minute Books
  • Rule 20 – Financial Reporting by Life Insurance Companies
  • Rule 36 – Investments in Medium Grade and Lower Grade Obligations for Domestic Arkansas Insurers
  • Rule 58 – Employee Leasing Firms and Employee Leasing Groups
  • Rule 61 – Insurer Reports of Arkansas Property and Casualty Claims Experience Pursuant to Act 166 of 1993.

To view the bulletin, go to https://www.insurance.arkansas.gov/resource-library/resources/category/bulletins/.

REGULATORY ACTIVITY:

• Issued bulletin number 17-2017 regarding assessment by Arkansas rural risk underwriting association.

REGULATORY ACTIVITY:

• Published bulletin 15-2017 affecting the licensure of producers and adjusters.  In part the bulletin states: Effective immediately, all individual applicants for licensure must use their legal name on any documentation submitted to the Department.  Your legal name is the name on any current state, federal or military identification.    If your legal name changes at any time during the period of your licensure, please provide at least thirty (30) days written notice of the change to the Department.

LEGISLATIVE ACTIONS:

• Senate Bill 223
  The enacted legislation amends the states of limitation for fraudulent insurance acts. It establishes a 5-year statute of limitations on any alleged violation involving a motor vehicle purposely used to cause a motor vehicle accident for the purpose of fining an insurance claim. The five-year period is extended 3 years if it is not reasonably possible to discover the alleged fraud at the time of the violation. Effective Date June 6,
• Senate Bill 247
  The enacted legislation makes changes to the insurance statutes on Arkansas. Multiple lines of insurance are impacted including repeal of the compilation of comparison data for private passenger automobile insurance and clarifying procedure for mandatory reporting of fraud.  July 3, 2017.
• Senate Bill 365
  The enacted legislation redefines the definition of autocycle. The enacted definition clearly defines autocycle different from motorcycle. It also sets forth insurance requirements. Effective Date June 6, 2017.