SB368

Senate Bill 368 mandates that insurance companies operating in Arkansas must disclose the specific monetary value of deductibles for residential property insurance policies when those deductibles are calculated as a percentage of the property's insured value. This requirement applies to all losses except those resulting from earthquakes. Under the act, insurers are required to present this dollar amount clearly on the policy declaration page or the notice of renewal. The bill aims to increase consumer transparency by ensuring policyholders understand the exact financial impact of a deductible before a claim is filed. It amends the Arkansas Code Title 23 regarding insurance regulations.