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AR SB368

Bill

Official Source

Status

Passed

4/19/2023

Primary Sponsor

Justin Boyd

Click for details

Origin

Senate

94th General Assembly (2023 Regular)

AI Summary

  • Adds Arkansas Code Section 23-79-168 requiring residential property insurance policies issued or renewed in the state to disclose the monetary deductible amount on the policy declaration page or renewal notice
  • Applies only to deductibles based on a percentage of the insured property value
  • Excludes earthquake-related losses from the disclosure requirement
  • Sponsored by Senator J. Boyd and Representative Eaves
  • Approved April 4, 2023

Legislative Description

To Require Disclosure By An Insurance Company Of The Monetary Amount Of A Deductible Based On A Percentage Of The Insured Value Under An Insurance Policy.

Last Action

Notification that SB368 is now Act 471

4/19/2023

Committee Referrals

Insurance and Commerce3/28/2023
Insurance & Commerce3/6/2023

Full Bill Text

No bill text available