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Bill Summary · SB 519

Summary of Senate Bill 519: Relating to Aquatic Life

Bill Overview

Bill Number: SB 519
Introduced On: March 19, 2025
Current Status: Referred to WTL/EDT, JDC
Classification: Legislative Bill
Subject Areas: Aquaculture, Department of Land and Natural Resources (DLNR), Division of Aquatic Resources, Marine Resources

SB 519 aims to amend existing laws related to the management and regulation of aquatic life, specifically focusing on aquaculture practices and the responsibilities of the Division of Aquatic Resources within the DLNR.

Main Purpose and Intent

The primary intent of SB 519 is to enhance the regulatory framework governing aquaculture in Arkansas. This includes ensuring sustainable practices, protecting marine resources, and establishing clear guidelines for the management of aquatic life.

Key Provisions

  • Amendment to Nonforfeiture Law: The bill proposes changes to the Standard Nonforfeiture Law for life insurance, particularly concerning the cash surrender value of policies.
  • Deferred Payment Regulations: Insurers will have the right to defer cash surrender value payments for up to six months after a demand is made, provided the policy is surrendered according to its terms.
  • Interest Payment on Deferred Values: If payment is not made within forty-five (45) days after the demand for surrender, insurers are required to pay interest on the cash surrender value at a specified rate, accruing from the date of surrender until the payment is made in full.

Who Would Be Affected

  • Insurers: Insurance companies will need to adjust their policies and practices to comply with the new regulations regarding cash surrender values.
  • Policyholders: Individuals holding life insurance policies will experience changes in how their cash surrender values are managed, particularly regarding the timing and interest on deferred payments.
  • Aquaculture Industry: The bill may impact aquaculture operations by establishing clearer guidelines and regulations, potentially affecting how aquatic resources are managed and utilized.

Procedural Timeline

  • March 19, 2025: Bill filed and introduced.
  • April 9, 2025: Amendment No. 1 was adopted.
  • April 15, 2025: The bill passed the House as amended and was ordered enrolled.
  • April 22, 2025: SB 519 was notified as Act 958, indicating it has become law.

Conclusion

Senate Bill 519 represents a significant step in regulating aquatic life and insurance practices in Arkansas. By amending existing laws, the bill aims to promote sustainable aquaculture and clarify the rights and responsibilities of insurers and policyholders regarding cash surrender values. The changes are expected to take effect on January 1, 2026, providing time for stakeholders to adapt to the new regulations.

Compiled from official sources — confirm details with the bill’s official record.

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