AR SB45

Domestic insurers with at least $20,000,000 in policyholder surplus may be designated as domestic surplus lines insurers with written approval from the Insurance Commissioner.

Designated domestic surplus lines insurers are allowed to write surplus lines insurance in any jurisdiction where they do business.

Domestic surplus lines insurers are subject to the surplus lines premium tax under Arkansas Code § 23-65-315.

Domestic surplus lines insurers are exempt from the Arkansas Property and Casualty Insurance Guaranty Act and the Arkansas Life and Health Insurance Guaranty Association Act.

An emergency clause declares the act effective immediately upon Governor approval, expiration of the veto period, or veto override by the legislature to improve efficiency of the surplus lines insurance system.