This bill aims to enhance the regulatory framework governing healthcare insurers in Arkansas by clarifying the process for determining whether a proposed insurance rate is excessive. Specifically, it amends Arkansas Code 23-79-109(a)(1)(A)(ii) to mandate that the Insurance Commissioner shall consider an insurer's surplus levels when evaluating proposed rates, replacing the previous language that allowed for discretion in this consideration.

Additionally, the bill specifies that this requirement does not apply to nonprofit insurers that provide only limited scope dental benefits, ensuring that smaller or specialized insurers are not unduly burdened by the new regulations. Overall, the legislation seeks to promote fairness and transparency in the insurance rate approval process while protecting consumers from potentially excessive rates.

Statutes affected:
HB 1356: 23-79-109(a)