Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate committee hears why Arkansas homeowners insurance costs rose after 2023 storms and how regulators responded
Summary
Insurance Commissioner Alan McClain told the Senate Insurance & Commerce Committee that storm losses and rising replacement costs pushed several carriers toward insolvency, prompting regulatory changes including bulletin 17‑23 to allow ACV roof settlements at age 7 and separate wind/hail deductibles; lawmakers pressed for data, consumer protections and possible subpoenas of nonparticipating insurers.
Sen. Hill convened the Senate Insurance & Commerce Committee to review how severe 2023 weather and broader market forces have tightened the Arkansas homeowners insurance market. Insurance Commissioner Alan McClain said storm-related claims and rising replacement costs left some carriers insolvent and forced others to limit new business or leave the state.
"Property insurance premiums have been increasing significantly," McClain said, citing insurer loss ratios and the department's review. He told the committee United Home Insurance (Paragould) was taken into receivership and that Cameron Mutual and First Auto…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
