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Senate moves to regulate online marketplace guarantees after insurers warn product may be insurance
Summary
Senators passed a bill creating a regulatory framework for online marketplace "guarantees" (examples: Airbnb host guarantees). Insurers and trade associations urged patience and national coordination, saying the transactions resemble insurance and should be regulated accordingly; proponents said Arkansas needs clear rules now.
The Senate Insurance & Commerce Committee approved a bill establishing state rules for online marketplace guarantees — the type of protection platforms such as Airbnb provide hosts when guests damage property.
Sen. Justin Boyd, presenting the bill, said it "simply establishes a regulatory framework for online marketplace guarantees" and seeks to define the difference between guarantees and insurance. Proponents argued guarantees typically are incidental to the platform’s business model and not actuarially underwritten insurance products.
Representatives from Airbnb…
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