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Senate committee declines to advance insurance business‑transfer bill after solvency concerns
Summary
Senate Bill 2003, which would create a court‑and‑insurance‑commissioner‑reviewed process to transfer books of legacy insurance business to assuming insurers, did not advance after the committee heard warranty‑fund and insolvency risk concerns from guarantee associations and life insurer groups.
Senate Bill 2003, a measure to authorize an insurance business transfer (IBT) process in Arkansas, failed to advance from the Senate Insurance & Commerce Committee after stakeholders raised concerns about potential risks to the Arkansas Life and Health Insurance Guarantee Association.
Sponsor Senator Rapert described the bill as a structured statutory process for transferring legacy policy books to an assuming insurer, requiring a plan filed…
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