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Committee advances bill requiring smaller long‑term‑care insurers to file market conduct reports
Summary
House Bill 12 42 would eliminate the $50,000 premium threshold and require all long‑term‑care insurers writing any premiums in Arkansas to file Market Conduct Annual Statements; department witnesses said the change would help oversight as long‑term‑care premiums rise and affects about 25–30 small companies.
House Bill 12 42 was presented to require every long‑term‑care insurer doing business in Arkansas—regardless of premium volume—to file Market Conduct Annual Statements (MCAS). The sponsor said Arkansas is alone among states in excluding small long‑term‑care writers from this reporting requirement and that rising long‑term‑care premiums make oversight important.
Insurance Department counsel said the change would impact about 25–30 companies that currently report low annual premiums but would provide the department a window into market conduct across all firms writing long‑term‑care business. When asked whether long‑term‑care premiums are increasing, the department representative said that was part of the rationale for increased oversight.
The committee moved the bill forward by voice vote after brief discussion; no external opponents appeared during the hearing.
