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AR HB1380
Bill
Status
10/15/2021
Primary Sponsor
David Ray
Click for details
AI Summary
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Repeals Arkansas Code Title 23, Chapter 91, Subchapter 2, known as the Arkansas Legal Insurance Act in its entirety
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Eliminates all regulatory provisions governing legal insurance plans, including requirements for certificates of authority, policy form approvals, and rate filings with the Insurance Commissioner
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Removes requirements for legal insurance providers to maintain segregated accounts, file annual reports, and comply with specific financial and operational standards
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Deletes provisions establishing rules for legal insurance agents, examination procedures, and professional ethics reporting related to legal insurance transactions
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Eliminates the 2.5% premium tax on legal insurance direct written premiums that was previously collected by the state
Legislative Description
To Repeal The Arkansas Legal Insurance Act.
Last Action
Died in Senate Committee at Sine Die adjournment.
10/15/2021