SB76

Senate Bill 76 amends Arkansas Code § 23-66-310(c) to clarify regulations concerning additional fees charged by property or casualty insurance agents, brokers, and surplus lines brokers. The bill maintains the requirement that any fees charged in addition to the insurance premium must be disclosed separately on the customer's invoice or billing statement. It stipulates that the total of such fees, combined with producer commissions, generally must not exceed 20% of the total gross premium. However, the bill introduces an exemption to this 20% cap when a licensed property or casualty agent refers a risk to a licensed surplus lines broker. Finally, the legislation requires that any additional fees charged must be reasonable in relation to the costs associated with underwriting, issuing, and processing the insurance policy or contract.