Arkansas captive bills signed

The Governor of Arkansas, Sarah Huckabee Sanders, has signed two captive insurance-related bills that affect the state.

Huckabee Sanders signed into law SB237, an act to amend the law concerning the licensing and regulation of captive insurers; and for other purposes and HB1821, a bill that aims to set up a property captive for public education facilities in the State.

The bills were passed earlier this month by the state legislatures.

HB1821 has been drafted to: “create a more sustainable system of property insurance for public schools, state supported institutions of higher education, and state-owned property; to create the office of property risk within the department of transformation and shared services; to amend the public elementary and secondary school insurance act; to revise the  employee benefits division oversight subcommittee; to amend the Arkansas multi-agency insurance trust fund act; to combine public elementary and secondary schools with state-supported institutions of higher education and state-owned property under a single program to ensure proper valuation for property insurance purposes; to create the state captive  insurance program act; to prohibit the use of public adjusting in property insurance claims; to allow for the creation of a captive insurance company by the state of Arkansas.” 

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