Arkansas Senate Bill SB52

Arkansas 2022 Regular Session

• Introduced: 2/8/22
• Refer: 2/14/22
• Report Pass: 2/15/22
• Engrossed: 2/16/22
• Enrolled: 2/17/22
• Chaptered: 2/23/22
• Passed: 2/23/22

Caption

An Act For The Department Of Commerce - State Insurance Department Appropriation For The 2022-2023 Fiscal Year.

Impact

The bill contains provisions for substantial financial appropriations that would support the personnel and operational needs of the insurance sector managed by the state. This includes salary for various key positions and operational expenses necessary for the Department of Commerce to effectively administer its functions regarding insurance regulation and oversight. By ensuring adequate funding, the bill aims to uphold the integrity and function of insurance practices within the state.

Summary

Senate Bill 52 is focused on appropriating funds for the operations of the Department of Commerce, specifically for the State Insurance Department for the fiscal year ending June 30, 2023. The bill outlines the allocation of financial resources including regular salaries, personal services matching, and operating expenses. It specifies the maximum number of employees authorized and sets funding for various departmental functions aimed at maintaining effective operations within the Department of Commerce.

Sentiment

General sentiment surrounding SB 52 reflects a recognition of the necessity for robust funding to sustain essential state services related to insurance. Legislators tend to view this financial support as critical for maintaining oversight and consumer protection within the insurance industry. There are minimal opposing views regarding the bill, as funding for the essential services of the insurance department is typically seen as a bipartisan priority.

Contention

One notable point of contention discussed during the legislative process is the adequacy of appropriations in relation to the growing complexities and demands of the insurance industry. Some members raised concerns about whether the allocated funds would be sufficient to address potential challenges, especially in an ever-evolving regulatory environment. This points to an ongoing dialogue about funding priorities and resource allocation for state departments as they cope with increasing responsibilities.