This bill aims to repeal certain reporting requirements for the State Insurance Department and the State Securities Department while revising some existing requirements. 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.

Furthermore, 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. It also modifies the reporting requirements under Arkansas Code 23-67-313 and 23-79-1503(c) to streamline the process and reduce the frequency of reports, allowing for submissions only upon request from committee cochairs. Overall, the bill seeks to simplify reporting processes while ensuring essential information regarding health insurance fraud is still communicated effectively.

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)