Arkansas Proposed Insurer Bond Requirement Update

ArkansasA new law was introduced in the state of Arkansas concerning proposed insurer bond requirements. The new law, which is referred to as SB 806 terminates the surety bond that a proposed insurer could acquire to get hold of certification from the Insurance Department. The previous law required a surety bond or other alternative security in the quantity of $100,000. As stated above, other types of security may still be utilized. SB 806 was enacted on March 31st, 2009.