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AR SB350
Bill
Status
5/1/2023
Primary Sponsor
Joshua Bryant
Click for details
AI Summary
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Increases damages liability from 12% to 25% on loss claims when insurance companies fail to pay within the time specified in their policies after demand is made
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Applies to cargo, property, marine, casualty, fidelity, surety, cyclone, tornado, life, accident and health, medical, hospital, and surgical benefit insurance companies, as well as fraternal benefit societies and farmers' mutual aid associations
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Policy holders or their assigns remain entitled to collect reasonable attorney's fees for prosecution and collection of losses in addition to the increased damages percentage
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Amends Arkansas Code § 23-79-208(a)(1)
Legislative Description
To Increase The Percentage For Damages On Loss Claims Under An Insurance Policy.
Last Action
Died in House Committee at Sine Die Adjournment
5/1/2023