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Committee approves bill to reduce duplicate insurance-department reports
Summary
Lawmakers approved Senate Bill 483, a sponsor said designed to streamline or eliminate statutory insurance department reports found to be outdated or underused.
Sen. Missy Irvin, sponsor of Senate Bill 483, told the House committee that the bill would “streamline some of these reports that the department does and or removing them altogether because they're either out of date or they've not been accessed by the the members of the General Assembly.”
The bill, which Irvin said she was running at the request of Sen. Johnson, chair of the Senate Insurance and Commerce Committee, would consolidate or eliminate several statutorily required reports prepared by the Arkansas Insurance Department and move some reporting to an annual schedule.
Alan McLean, Arkansas state insurance commissioner, and Crystal Phelps, department attorney, appeared with Irvin and described the reports as “a really good compendium and compilation of the industry” in some cases but said department review found several reports were rarely used or duplicated other publications. McLean said the department supported the changes and was “happy to answer any questions.”
Committee members posed no substantive objections. Representative Wood moved the committee to pass SB 483; the committee approved the motion by voice vote and the chair announced the bill had passed.
The action removes or consolidates specified reporting duties from the Insurance Department and moves others to an annual cadence; the department will work with the legislature on the items specified in the text of the bill.
