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AR SB76
Bill
Status
2/6/2025
Primary Sponsor
Blake Johnson
Click for details
AI Summary
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Licensed property/casualty agents, brokers, and surplus lines brokers may charge fees to insureds in addition to premiums, provided fees are separately disclosed on invoices or billing statements
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Aggregate fees plus commissions cannot exceed 20% of total gross premium charged by the insurer for that policy or contract
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The 20% cap does not apply when a licensed property/casualty agent or broker refers a risk to a surplus lines broker licensed under § 23-65-308
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Fees must be reasonable in relation to the cost of underwriting, issuing, and processing the policy or contract
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Approved February 6, 2025 as Act 23 of the Regular Session
Legislative Description
To Amend The Law Concerning Miscellaneous Prohibited Practices Under The Arkansas Insurance Code; And To Clarify Fees Collected By Certain Brokers.
Last Action
Notification that SB76 is now Act 23
2/6/2025