The bill aims to repeal certain reporting requirements for the State Insurance Department and the State Securities Department while revising some existing reporting obligations. Specifically, it repeals Arkansas Code 23-42-111, which mandated quarterly reports from the State Securities Department regarding funds received or transactions related to court orders or settlement agreements. Additionally, it repeals Arkansas Code 23-61-116, which required the Insurance Commissioner to submit an annual report on health insurance fraud activities, and Arkansas Code 23-61-610, which required annual reporting from the Risk Management Division to the Governor and Legislative Council.

In contrast, the bill amends Arkansas Code 23-61-112(a) to include a new requirement for the Insurance Commissioner to report on activities related to investigating and combating health insurance fraud, detailing referrals received, investigations initiated and completed, and other relevant information. Furthermore, it modifies the reporting requirements under Arkansas Code 23-67-313 and 23-79-1503, changing the frequency and conditions under which reports must be submitted to legislative committees. Overall, the bill streamlines reporting processes while enhancing accountability in specific areas related to health insurance fraud.

Statutes affected:
Old version SB483 Original - 3-17-2025 04:10 PM: 23-42-111, 25-1-403(1), 23-61-112(a), 23-61-116, 23-61-610, 23-61-805(a), 23-67-313(b), 23-79-1503(c)
Old version SB483 V2 - 3-31-2025 02:28 PM: 23-42-111, 03-31-2025, 25-1-403(1), 23-61-112(a), 23-61-116, 23-61-610, 23-61-805(a), 23-67-313(b), 23-79-1503(c)
SB 483: 23-42-111, 25-1-403(1), 23-61-112(a), 23-61-116, 23-61-610, 23-61-805(a), 23-67-313(b), 23-79-1503(c)
Act 957: 23-42-111, 03-31-2025, 25-1-403(1), 23-61-112(a), 23-61-116, 23-61-610, 23-61-805(a), 23-67-313(b), 23-79-1503(c)