Arkansas Senate Bill 70 increasing notice for premium rate increase will go into effect July 2025.

Currently, insurers must notify the insured’s agent 30 days before the effective date of renewal and provide 10 days’ notice to the insured before the renewal takes effect. Arkansas Senate Bill 70 increases the notice requirements. Specifically, if an insurer revises its rates or rules, resulting in a premium increase of 25% or more for any renewal policy with a term of 12 months or less, insurers are now required to:

• Provide notice to the insured’s agent at least 60 days before the renewal’s effective date.
• Provide notice to the insured at least 30 days before the renewal’s effective date.

The new law will take effect approximately in July 2025.

For help staying in compliance, get in touch with our team today.