Stricken language would be deleted from and underlined language would be added to present law.
Act 471 of the Regular Session
1 State of Arkansas As Engrossed: S3/27/23
2 94th General Assembly A Bill
3 Regular Session, 2023 SENATE BILL 368
4
5 By: Senator J. Boyd
6 By: Representative Eaves
7
8 For An Act To Be Entitled
9 AN ACT TO REQUIRE DISCLOSURE BY AN INSURANCE COMPANY
10 OF THE MONETARY AMOUNT OF A DEDUCTIBLE BASED ON A
11 PERCENTAGE OF THE INSURED VALUE UNDER AN INSURANCE
12 POLICY; AND FOR OTHER PURPOSES.
13
14
15 Subtitle
16 TO REQUIRE DISCLOSURE BY AN INSURANCE
17 COMPANY OF THE MONETARY AMOUNT OF A
18 DEDUCTIBLE BASED ON A PERCENTAGE OF THE
19 INSURED VALUE UNDER AN INSURANCE POLICY.
20
21
22 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
23
24 SECTION 1. Arkansas Code Title 23, Chapter 79, Subchapter 1, is
25 amended to add an additional section to read as follows:
26 23-79-168. Deductible based on percentage of insured value —
27 Disclosure required.
28 A residential property insurance policy issued or renewed in this state
29 that bases the deductible under the insurance policy for any loss, other than
30 a loss due to an earthquake, on a percentage of the insured value of the
31 insured property shall disclose to the insured the monetary amount of the
32 deductible, other than for a loss due to an earthquake, on the policy
33 declaration page or notice of renewal of the policy.
34
35 /s/J. Boyd
36 APPROVED: 4/4/23
*ANS272* 03-27-2023 13:57:49 ANS272