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Senate committee advances omnibus insurance bill updating licensing and modernizing code
Summary
The Senate Insurance & Commerce Committee advanced House Bill 12 38, an omnibus package that updates outdated insurance code, modernizes payment and filing practices, clarifies captive insurer confidentiality, and narrows the corporate governance annual disclosure requirement for smaller single‑state companies.
House Bill 12 38, an omnibus insurance bill, was presented and advanced by the Senate Insurance & Commerce Committee after a section‑by‑section overview from the sponsor and a departmental counsel.
The bill amends numerous provisions across the Arkansas Insurance Code to modernize language and practice. Committee members were told the bill replaces antiquated terms (for example replacing the word “surety” with “fidelity”), adds coverage for “any fraudulent or dishonest act,” updates filing and payment methods to permit electronic…
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