The bill enacts the State Insurance Department's General Omnibus Bill, which includes several amendments to existing laws regarding insurance practices in Arkansas. Key changes include the modification of examination requirements by the Insurance Commissioner, such as the timeline for submitting verified reports and the frequency of examinations for captive insurers and health maintenance organizations, which will now occur every five years instead of three. Additionally, the bill introduces new penalties for authorized insurers that fail to timely file market conduct annual statements, with fines up to $12,000 per year.

Other significant amendments involve the valuation of assets for reporting entities, the regulation of home office maintenance for insurers, and the repeal of the small company exemption from the standard valuation law for life insurance and annuities. The bill also changes the due date for annual reports from automobile clubs from April 1 to June 1. Overall, the legislation aims to enhance regulatory oversight and ensure compliance within the insurance industry in Arkansas.

Statutes affected:
SB 357: 23-61-205(a), 23-61-206(b), 23-63-216(b), 23-63-611(3), 23-63-1608(a), 23-63-1620(g), 23-69-134(d), 23-70-106(a), 23-76-108(b), 23-76-122(a), 23-76-122(f), 23-77-109(a)
Act 469: 23-61-205(a), 23-61-206(b), 23-63-216(b), 23-63-611(3), 23-63-1608(a), 23-63-1620(g), 23-69-134(d), 23-70-106(a), 23-76-108(b), 23-76-122(a), 23-76-122(f), 23-77-109(a)