SB 203 - Arkansas Insurance Business Transfer Act

• Establishes a legal framework allowing insurance policies to be transferred from one insurer to another without requiring affirmative consent from policyholders through a court-supervised process.

• Requires applicants to file comprehensive insurance business transfer plans with the Insurance Commissioner, including financial statements, actuarial reports, and an independent expert opinion on the transfer's impact.

• The Insurance Commissioner has 60 business days (extendable by 30 days) to review applications and determine whether the transfer would adversely impact policyholders before authorization to proceed to court.

• Mandates that all proceedings be filed in Pulaski County Circuit Court, which must hold a hearing with a 60-day public comment period before issuing an implementation order approving the transfer.

• Requires applicants to pay a $10,000 nonrefundable filing fee and reimburse the department for all personnel costs, professional consultants, and examination expenses related to the review process.