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Committee approves bill clarifying surplus-lines coverage can meet Arkansas auto financial-responsibility rules
Summary
Senators passed a bill clarifying that surplus-lines insurance may satisfy Arkansas motor-vehicle financial-responsibility requirements in certain circumstances. The measure drew technical questions from committee members and testimony from the insurance commissioner and industry advisers.
The Senate Insurance & Commerce Committee voted to pass Senate Bill 276, which clarifies how surplus-lines insurers may be treated under state law for automobile coverage purposes.
Sen. Blake Johnson, who presented the bill, said the measure does not change current marketplace practice but adds "verbiage that clarifies that surplus lines meets the financial responsibility for auto insurance as needed." Alan Kerr, a former state insurance commissioner and president of Alan Kerr Advisors, described…
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