The bill aims to repeal certain reporting requirements for the State Insurance Department and the State Securities Department while revising others. 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 by the Administrator of 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 Arkansas Code 23-79-1503(c) to change the frequency of reports under Wendelyn's Craniofacial Law from biannual to upon request from specific committee cochairs. These changes aim to streamline reporting processes and focus on essential activities within the departments.

Statutes affected:
SB 499: 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)