SB499
To Repeal Certain Reporting Requirements For The State Insurance Department And The State Securities Department; And To Revise Certain Reporting Requirements For The State Insurance Department.
Last Action (March 18, 2025): Sine Die adjournment
Sponsors
AI-Generated Summary
Senate Bill 499 seeks to streamline administrative procedures by repealing or revising various statutory reporting requirements for the Arkansas State Insurance Department and the State Securities Department. The bill eliminates the requirement for the State Securities Department to submit quarterly reports regarding funds received through court orders or settlement agreements. It also repeals the Insurance Commissioner’s obligation to produce an annual report specifically focused on health insurance fraud and repeals the Risk Management Division Administrator’s duty to report annually to the Governor and Legislative Council. Additionally, the bill modifies the reporting structure for the Arkansas Health Insurance Marketplace, the Arkansas Workers' Compensation Insurance Plan, and reporting requirements under Wendelyn's Craniofacial Law. These changes shift several reporting requirements from mandatory periodic submissions to either a request-based model or a simplified annual summary format. The bill aims to reduce the regulatory and administrative burden on these state agencies by consolidating or removing oversight reporting mandates.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are the Arkansas State Insurance Department and the State Securities Department. By reducing the number of mandatory reports, these agencies stand to benefit from decreased administrative workloads, lower operational costs, and the ability to reallocate staff resources toward other regulatory or enforcement activities.
Who Might Suffer?
The groups most directly impacted are the Legislative Council, the General Assembly, and the general public, specifically individuals or organizations interested in government oversight and transparency. By repealing or changing mandatory reports into request-based or less frequent formats, policymakers and citizens may experience reduced access to timely, comprehensive data regarding the handling of settlement funds, health insurance fraud investigations, and the oversight of state insurance programs.
Get Notified
Receive an email when this bill's status changes.