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State regulators and development agencies brief Senate insurance committee on staffing, finances and rural development
Summary
Leaders from the Arkansas Public Service Commission, Employee Benefits Division, AEDC, Securities Department, State Bank Department, Insurance Department and ADFA introduced their offices and provided numerical updates on membership, assets and staffing. Senators pressed AEDC on rural job recruitment and raised long-term care premium concerns.
State agency leaders used the Senate Insurance & Commerce Committee’s opening session to introduce their offices, outline key responsibilities and give committee members numerical updates on finances, membership and staffing.
Ted Thomas, chairman of the Arkansas Public Service Commission, described the commission’s principal duties: setting utility rates through rate cases, handling consumer complaints, overseeing intrastate natural gas pipeline safety and certifying utility assessments to counties. "That is our main responsibility," Thomas said, offering to take questions from members.
Chris Hallett, executive director of the Employee Benefits Division, summarized the division’s membership and finances and described recent administrative savings after bundling vendor services. Hallett said the plan is self-funded, provided several figures for membership and reserves, and reported multi-year decreases in claims costs: "When you go from May of 16 to present, we're about $70,000,000 and a decrease in overall claims cost," he said. He also noted administrative-cost savings of roughly $5,000,000 after consolidating vendors.
Amy (introduced as Amy Fecher), executive vice president of operations for the Arkansas Economic Development Commission, described AEDC’s role in recruiting and supporting businesses, maintaining three foreign offices and operating a film office that has helped secure on-location productions. Senators pressed AEDC about smaller-scale job recruitment in rural communities; Senator Teague asked whether the agency pursues opportunities for 25–50 jobs in towns like Murfreesboro or Mount Ida. Amy said AEDC has divisions focused on rural services and community development grants and cited roughly $500,000 in annual general revenue plus other sources for rural services.
Edmund Waters, securities commissioner, reviewed his department’s growth and enforcement role, noting more than 20,000 registered individuals and a budget that feeds general revenue. Bank Commissioner Candace Franks reported the state-chartered banking sector’s size and condition, saying state-chartered institutions hold more than $100 billion in total assets and that the department oversees 79 banks and related entities.
Insurance Commissioner Alan Kerr highlighted licensing gains and premium collections attributed in part to economic development; he also addressed constituent concerns about long-term care policy notices. "Other than we're doing everything we can to make sure that the investment these folks have made into those policies, remains," Kerr said in response to questions about notices of large premium increases.
Brad Henry of the Arkansas Development Finance Authority said ADFA provides financing for affordable housing, economic development, state facilities and student loans, manages HUD programs, and issues bonds; he said ADFA has about 55 employees and over $300 million in assets.
Takeaway: Agency leaders gave overview briefings and numeric updates. Committee members signaled particular interest in rural job development and long-term care premium pressures; staff follow-up and more-detailed legislative work were proposed.
