SB247 Summary

• Amends Arkansas Prepaid Funeral Benefits Law to classify certain violations involving collection and mishandling of contract proceeds as Class D felonies, with mandatory restitution to aggrieved persons in addition to fines or imprisonment.

• Revises trust fund investment policies for prepaid funeral contracts, including provisions for cash accommodation funds and insurance/annuity-funded contracts with proration calculations.

• Reduces market conduct annual statement filing threshold from $7,000,000 to $50,000 in gross premiums for property and casualty insurers, life and annuity insurers, and long-term care policies.

• Establishes comprehensive governance standards for domestic risk retention groups including board independence requirements, audit committee composition, material service provider contract approvals, and annual disclosure of governance standards.

• Changes antifraud assessment payment date from June 30 to June 1 annually and repeals requirements for compilation of insurance comparison data and annual personal insurance reports.