TO AMEND THE LAW CONCERNING STANDARDS FOR INSURANCE POLICIES; AND TO REVISE THE NOTICE REQUIREMENTS OF AN INSURER FOR A PREMIUM INCREASE.

SB 70 modifies Arkansas insurance law to require insurers to provide earlier notice when raising premiums by 25% or more for short-term policies (12 months or less). Insurers must now mail notices to agents at least 60 days before renewal and to policyholders at least 30 days before renewal - expanding previous notice periods from 30 to 60 days for agents and 10 to 30 days for policyholders. This applies specifically to renewal policies with significant premium increases, directly affecting insurers and policyholders in Arkansas. The bill focuses solely on adjusting notification timing, not on changing premium amounts or coverage terms.