SB70

Senate Bill 70 amends existing Arkansas law regarding the notification requirements for insurance premium increases. Specifically, it updates the notice timeline that insurers must follow when a renewal policy for a term of twelve months or less results in a premium increase of twenty-five percent or more. The bill extends the mandatory notification period for an insurer to provide notice to an insured's agent from thirty days to sixty days before the renewal's effective date. Additionally, it extends the notification period for the insured party from ten days to thirty days before the renewal's effective date. The bill mandates that this notice must explicitly state the insurer's intention to apply a premium increase of at least twenty-five percent.