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Committee advances reinsurance credit update to align with NAIC model law
Summary
House Bill 1240, which updates Arkansas law on credit for reinsurance to reflect NAIC revisions and ease collateral and presence requirements for qualified reciprocal jurisdictions, received a 'Do Pass' recommendation from the committee.
The Senate Insurance & Commerce Committee advanced House Bill 1240, a lengthy bill the Arkansas Insurance Department described as an update to the state's credit-for-reinsurance law to reflect National Association of Insurance Commissioners (NAIC) revisions adopted in June 2019.
Mel Anderson of the Arkansas Insurance Department told the committee the change establishes…
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