Stricken language would be deleted from and underlined language would be added to present law.
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State of Arkansas 1
95th General Assembly A Bill 2
Regular Session, 2025 SENATE BILL 499 3
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By: Senators Irvin, J. Dismang, Gilmore, Hester, M. McKee, Stone, Hill, J. Petty, Flippo, B. Davis, J. 5
Boyd, K. Hammer, J. English 6
By: Representative J. Moore 7
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For An Act To Be Entitled 9
AN ACT TO REPEAL CERTAIN REPORTING REQUIREMENTS FOR 10
THE STATE INSURANCE DEPARTMENT AND THE STATE 11
SECURITIES DEPARTMENT; TO REVISE CERTAIN REPORTING 12
REQUIREMENTS FOR THE STATE INSURANCE DEPARTMENT; AND 13
FOR OTHER PURPOSES. 14
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Subtitle 17
TO REPEAL CERTAIN REPORTING REQUIREMENTS 18
FOR THE STATE INSURANCE DEPARTMENT AND 19
THE STATE SECURITIES DEPARTMENT; AND TO 20
REVISE CERTAIN REPORTING REQUIREMENTS 21
FOR THE STATE INSURANCE DEPARTMENT. 22
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BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 24
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SECTION 1. Arkansas Code § 23 -42-111 is repealed. 26
23-42-111. Quarterly reports. 27
(a) The State Securities Department shall provide to the Legislative 28
Council, or to the Joint Budget Committee if the General Assembly is in 29
session, on a quarterly basis a report of all funds received or any external 30
fund transactions recognized or required through court orders or settlement 31
agreements. 32
(b) The report required under subsection (a) of this section shall 33
include: 34
(1) The case name of the court order or settlement agreement; 35
(2) The amount of funds received or transaction recognized or 36 SB499
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required by the department for each court order or settlement agreement; 1
(3)(A) A plan for disbursement of the received funds. 2
(B) If funds received from a court order or settlement 3
agreement are expended for any purpose, including investor education and 4
enforcement activities, the report shall itemize specific activities subject 5
to the exclusions provided in § 25 -1-403(1)(B); 6
(4) An itemization of the specific investor education and 7
enforcement activities funded for the department; 8
(5) An explanation of whether the funds received or transactions 9
recognized or required from a court order or settlement agreement are 10
directed to a specific entity, and if so, the department shall provide a 11
summary of input regarding the drafting of the court order or settlement 12
agreement; 13
(6) A report of the rationale for disbursing funds to a specific 14
entity if the department receives funds from a court order or settlement 15
agreement that does not require disbursement of funds to a specific entity; 16
and 17
(7) A report of current balances of all unappropriated fund 18
holdings the department received from a court order or settlement agreement. 19
(c) The department shall provide the reports required under this 20
section no later than the fifteenth day of the month immediately following 21
the end of each quarter. 22
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SECTION 2. Arkansas Code § 23 -61-112(a), concerning the information 24
required in the annual report of the State Insurance Department, is amended 25
to read as follows: 26
(a) As early in the calendar year as reasonably possible, the 27
Insurance Commissioner annually shall prepare and deliver a report to the 28
Secretary of the Department of Commerce showing, with respect to the 29
preceding calendar year: 30
(1) Names of the authorized insurers transacting insurance in 31
this state, with a summary of their financial statements that the 32
commissioner considers proper; 33
(2) Names of admitted insurers that closed during the year or 34
entered liquidation, a concise statement concerning the cause for each 35
proceeding, and the amount of assets and liabilities as ascertainable; 36 SB499
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(3) The total receipts and expenses of the State Insurance 1
Department for the year; and 2
(4) A summary of the department's activities to investigate and 3
combat health insurance fraud, including without limitation information 4
regarding: 5
(A) Referrals received; 6
(B) Investigations initiated; 7
(C) Investigations completed; and 8
(D) Other material necessary or desirable to evaluate the 9
department's efforts to investigate and combat health insurance fraud; and 10
(5) Other pertinent information and matters the commissioner 11
considers proper. 12
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SECTION 3. Arkansas Code § 23 -61-116 is repealed. 14
23-61-116. Annual report on health insurance fraud. 15
Annually on or before March 1, the Insurance Commissioner shall submit 16
to the Secretary of the Department of Commerce, the President Pro Tempore of 17
the Senate, the Speaker of the House of Representatives, and the Attorney 18
General a report summarizing the State Insurance Department's activities to 19
investigate and combat health insurance fraud, including without limitation 20
information regarding: 21
(1) Referrals received; 22
(2) Investigations initiated; 23
(3) Investigations completed; and 24
(4) Other material necessary or desirable to evaluate the 25
department's efforts under this section. 26
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SECTION 4. Arkansas Code § 23 -61-610 is repealed. 28
23-61-610. Annual report. 29
The Administrator of the Risk Management Division shall report annually 30
to the Governor and the Legislative Council on his or her findings and 31
recommendations. 32
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SECTION 5. Arkansas Code § 23 -61-805(a), concerning reports of the 34
assessment and user fee under the Arkansas Health Insurance Marketplace, is 35
amended to read as follows: 36 SB499
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(a)(1) The General Assembly shall establish a reasonable initial 1
assessment or user fee and reasonable increases or decreases in the amount of 2
future assessments or user fees and penalties and interest charges for 3
nonpayment of an assessment or user fee charged to participating health 4
insurers for the efficient operation of the Arkansas Health Insurance 5
Marketplace. 6
(2) Annually by October 1, the State Insurance Department shall 7
report to the Legislative Council in the manner and format that the 8
Legislative Council requires the recommendations of the department for the 9
initial assessment or user fee and increases or decreases in the amount of 10
future assessments or user fees and penalties and interest charges for 11
nonpayment of an assessment or user fee charged to participating health 12
insurers. 13
(3) Annually by December 1, the Legislative Council shall review 14
the recommendations of the department under subdivision (a)(2) of this 15
section and report to the President Pro Tempore of the Senate and the Speaker 16
of the House of Representatives the recommendations of the Legislative 17
Council for the initial assessment or user fee and future increases or 18
decreases in the amount of assessments or user fees and penalties and 19
interest charges for nonpayment of an assessment or user fee charged to 20
participating health insurers. 21
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SECTION 6. Arkansas Code § 23 -67-313(b) and (c), concerning the report 23
of the Arkansas Workers' Compensation Insurance Plan and servicing carriers, 24
are amended to read as follows: 25
(b) The commissioner shall review the plan operations to ensure 26
compliance with this act. The commissioner shall review and report to the 27
Legislative Council and the Senate Committee on Insurance and Commerce and 28
the House Committee on Insurance and Commerce by September 1 of each year, 29
with the first report to be submitted no later than September 1, 1997, 30
including, but not limited to, the following information: 31
(1) Competitive selection of the administrator and servicing 32
carriers; 33
(2) Plan operating performance and service in accordance with 34
the intent of this act, including performance reviews of the administrator, 35
servicing carriers, and plan rules; 36 SB499
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(3) Proper authority and independence of the Arkansas office to 1
properly perform and secure prompt, fair, and reasonable service as required 2
by this act; and 3
(4) Coverage provided by the plan in other states, including 4
evidence providing that carriers promptly provide coverage for employees of 5
Arkansas employers working in other states as provided in this act. 6
(c) The commissioner is encouraged to hold public hearings as needed 7
to assist in achieving the objectives of this act and to assist with the 8
review and report provided to the Legislative Council and the Senate 9
Committee on Insurance and Commerce and the House Committee on Insurance and 10
Commerce. 11
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SECTION 7. Arkansas Code § 23-79-1503(c), concerning the rules and 13
reporting requirements under Wendelyn's Craniofacial Law — Craniofacial 14
Coverage, is amended to read as follows: 15
(c) The department shall submit biannual reports a report to the Chair 16
of the House Committee on Insurance and Commerce and the Chair of the Senate 17
Committee on Insurance and Commerce upon receipt of a request from: 18
(1) A cochair of the House Committee on Insurance and Commerce; 19
or 20
(2) A cochair of the Senate Committee on Insurance and Commerce . 21
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