SB310 Summary

• Amends Arkansas Prepaid Funeral Benefits Law to allow sellers to retain accrued interest income on cash-funded and insurance/annuity-funded prepaid funeral contracts when transferred to substitute providers

• Repeals the requirement for annual malpractice insurance rate reports to the Legislative Council

• Modifies insurer annual statement requirements by establishing a $50,000 gross premium threshold for market conduct annual statement filing and exempting prepaid funeral/legal product insurers and state-licensed-only insurers

• Establishes the Corporate Governance Annual Disclosure Act requiring domestic insurers to file annual corporate governance disclosures with the Insurance Commissioner on or before June 1, with strict confidentiality protections for proprietary information

• Makes multiple regulatory changes to captive insurance company requirements including reduced capital/surplus standards for sponsored captive insurers ($250,000 instead of $500,000), simplified sponsor qualifications, and expanded options for protected cell conversions and transfers