HB1040

House Bill 1040 is a brief piece of legislation that seeks to repeal the Arkansas Legal Insurance Act in its entirety. The act being repealed currently establishes a regulatory framework for the provision of legal insurance, which involves contractual obligations to cover legal services or expenses for a group of people. The bill deletes the entirety of Arkansas Code Title 23, Chapter 91, Subchapter 2, which includes definitions, authorization requirements for insurers, conditions for issuing certificates of authority, and regulations regarding policy forms and consumer protections. By repealing this subchapter, the bill removes the specific state statutes that govern the creation, licensing, and operation of entities acting as legal insurers. No replacement language is provided in the text. The bill effectively eliminates the legal framework under which these insurance products have been regulated in the state.