TO CREATE A MORE SUSTAINABLE SYSTEM OF PROPERTY INSURANCE FOR PUBLIC SCHOOLS, INSTITUTIONS OF HIGHER EDUCATION, AND STATE-OWNED PROPERTY; AND TO DECLARE AN EMERGENCY.

HB 1821 creates a single State Captive Insurance Program to replace fragmented property insurance systems for public schools, state-supported colleges/universities, and state-owned properties in Arkansas. It combines these entities under one program, prohibits the use of public adjusting firms (which the bill states increased premiums), and requires independent reappraisals of higher education properties to ensure proper valuation. The bill also establishes the Office of Property Risk within the Department of Transformation and Shared Services to manage the program and mandates coordination among state agencies for a smooth transition. These changes aim to stabilize insurance costs and improve market competitiveness for these public entities.