| 3 | 2 | | *ANS098* 01/15/2025 12:21:30 PM ANS098 |
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| 4 | 3 | | State of Arkansas 1 |
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| 5 | 4 | | 95th General Assembly A Bill 2 |
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| 6 | 5 | | Regular Session, 2025 SENATE BILL 70 3 |
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| 7 | 6 | | 4 |
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| 8 | 7 | | By: Senator Hickey 5 |
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| 9 | 8 | | By: Representative Lundstrum 6 |
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| 10 | 9 | | 7 |
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| 11 | 10 | | For An Act To Be Entitled 8 |
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| 12 | 11 | | AN ACT TO AMEND THE LAW CONCERNING STANDARDS FOR 9 |
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| 13 | 12 | | INSURANCE POLICIES; TO REVISE THE NOTICE REQUIREMENTS 10 |
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| 14 | 13 | | OF AN INSURER FOR A PREMIUM INCREASE; AND FOR OTHER 11 |
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| 15 | 14 | | PURPOSES. 12 |
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| 16 | 15 | | 13 |
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| 17 | 16 | | 14 |
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| 18 | 17 | | Subtitle 15 |
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| 19 | 18 | | TO AMEND THE LAW CONCERNING STANDARDS 16 |
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| 20 | 19 | | FOR INSURANCE POLICIES; AND TO REVISE 17 |
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| 21 | 20 | | THE NOTICE REQUIREMENTS OF AN INSURER 18 |
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| 22 | 21 | | FOR A PREMIUM INCREASE. 19 |
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| 23 | 22 | | 20 |
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| 24 | 23 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 21 |
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| 25 | 24 | | 22 |
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| 26 | 25 | | SECTION 1. Arkansas Code ยง 23 -79-307(a)(6)(A), concerning the notice 23 |
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| 27 | 26 | | requirements of an insurer due to a premium increase, is amended to read as 24 |
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| 28 | 27 | | follows: 25 |
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| 29 | 28 | | (6)(A) When an insurer revises its the insurer's rates or rules 26 |
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| 30 | 29 | | and the revision results in a premium increase equal to or greater than 27 |
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| 31 | 30 | | twenty-five percent (25%) on any renewal policy issued for a term of twelve 28 |
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| 32 | 31 | | (12) months or less, the insurer shall mail or deliver to the insured's agent 29 |
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| 33 | 32 | | not less than thirty (30) sixty (60) days prior to before the effective date 30 |
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| 34 | 33 | | of renewal, and to the insured not less than ten (10) thirty (30) days prior 31 |
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| 35 | 34 | | to before the effective date of renewal, notice specifically stating the 32 |
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| 36 | 35 | | insurer's intention to increase the premium by an amount equal to or greater 33 |
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| 37 | 36 | | than twenty-five percent (25%). 34 |
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