This bill aims to repeal certain reporting requirements for the State Insurance Department and the State Securities Department while revising some existing requirements for the State Insurance Department. 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 terms of revisions, the bill amends Arkansas Code 23-61-112(a) to include a new requirement for the Insurance Commissioner to report annually on the department's activities to investigate and combat health insurance fraud, detailing referrals received, investigations initiated and completed, and other relevant information. Furthermore, it modifies Arkansas Code 23-61-805(a) to remove the requirement for the State Insurance Department to report recommendations for assessments or user fees to the Legislative Council. Lastly, it amends Arkansas Code 23-67-313(b) and (c) to eliminate the requirement for the commissioner to report to the Legislative Council and specific Senate and House committees by a set date, while still ensuring compliance with the act.

Statutes affected:
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)
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)
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)