AR SB357

Reduces company response time to examination reports from 30 days to 20 days following receipt of a verified examination report from the Insurance Commissioner.

Extends examination cycles for captive insurers and health maintenance organizations from every 3 years to every 5 years.

Updates asset valuation standards to reference the National Association of Insurance Commissioners' publication as it existed on January 1, 2023 instead of January 1, 2001.

Changes the annual report due date for automobile clubs or associations from April 1 to June 1.

Establishes monetary penalties of $1,000 per violation (up to $12,000 per insurer per 12-month period) for failure to timely file market conduct annual statements and repeals the small company exemption from life insurance valuation requirements.