AR HB1242

Amends Arkansas Code § 23-63-216(b) to require authorized insurers reporting $50,000 or more in annual gross premiums to file market conduct annual statements for each line of business written in the state, following National Association of Insurance Commissioners guidelines.

Establishes a separate requirement for insurers with any volume of annual gross premiums in long-term care annuity hybrid, long-term care life hybrid, or long-term care stand-alone lines of business to file market conduct annual statements regardless of premium threshold.

Exempts insurers from filing requirements if no approved market conduct annual statement form exists for a particular line of business until the National Association of Insurance Commissioners adopts a form for that line.

Exempts insurers that sell only prepaid funeral or prepaid legal products, and insurers licensed only in Arkansas, from market conduct annual statement filing requirements.

Allows the commissioner to grant filing extensions for good cause if a written application is received at least five business days before the filing due date.