Perr&Knight Leads the Charge in Arkansas with Historic House Bill 1821 for Educational Insurance
Perr&Knight Facilitates a Historic Legislation in Arkansas
Perr&Knight, a leader in actuarial consultancy and insurance operations, has played a significant role in the recent legislative change within Arkansas. House Bill 1821 has been passed, marking an essential shift in how property insurance is handled for the state’s educational institutions and publicly-owned properties.
After extensive research lasting over a year, this bill initiates a state-owned captive insurance company designed specifically for K-12 public schools, colleges, universities, and state-owned buildings. This innovative move aims to consolidate existing insurance programs for these institutions, delivering benefits in terms of efficiency and cost savings.
The masterminds behind this transformative initiative are industry experts Kyle M. Hales and Charles Lenz, who lead the Risk Strategies Solutions practice at Perr&Knight. Their guidance has been critical in securing bipartisan support, enabling the bill to progress through the legislative process.
The catalyst for House Bill 1821 was a thorough study conducted on the increasing insurance premiums that affect educational institutions. The findings indicated substantial inefficiencies in the prevailing commercial insurance landscape. Hales and Lenz reported that the existing strategy had created a fragmented approach, resulting in redundant costs, commissions, and added fees.
The new captive model proposed under House Bill 1821 aims to break this cycle by curtailing unnecessary expenses. By combining three already existing programs, the new framework is projected to save Arkansas millions in the first year alone. This cost-savings approach ensures that funds are redirected towards enhancing educational initiatives, a win for both the institutions and the state's education system overall.
Kyle M. Hales expressed enthusiasm regarding the passage of HB 1821, stating, “We are thrilled to contribute towards achieving significant efficiencies for the State, allowing savings to support our educational framework.” The practical implementation of this new captive insurance model is set to commence in July 2025. The transition will occur in phases, transferring existing policies and liabilities to the new structure over time.
Perr&Knight will maintain a guiding role during this transition, continuing to provide advice and recommendations directly to the Executive Subcommittee of the Arkansas Bureau of Legislative Research. This will ensure that the initiative progresses smoothly and effectively.
For more than three decades, Perr&Knight has been a cornerstone in the insurance industry, renowned for delivering high-quality actuarial consulting, risk strategies, and insurance operations solutions. Their services cover a plethora of areas, including predictive analytics, compliance, operational assessments, and technology consulting. Their cloud-based solutions like StateFilings.com highlight their commitment to leveraging technology for superior results.
The establishment of HB 1821 is not just a legislative victory, but a groundbreaking step toward creating a more resilient and efficient insurance framework for educational institutions in Arkansas. Perr&Knight's proactive approach exemplifies how consultancy can lead to real-world solutions that prioritize not only fiscal responsibility but also educational enhancement.
Perr&Knight, a leader in actuarial consultancy and insurance operations, has played a significant role in the recent legislative change within Arkansas. House Bill 1821 has been passed, marking an essential shift in how property insurance is handled for the state’s educational institutions and publicly-owned properties.
After extensive research lasting over a year, this bill initiates a state-owned captive insurance company designed specifically for K-12 public schools, colleges, universities, and state-owned buildings. This innovative move aims to consolidate existing insurance programs for these institutions, delivering benefits in terms of efficiency and cost savings.
The masterminds behind this transformative initiative are industry experts Kyle M. Hales and Charles Lenz, who lead the Risk Strategies Solutions practice at Perr&Knight. Their guidance has been critical in securing bipartisan support, enabling the bill to progress through the legislative process.
Addressing Rising Insurance Costs
The catalyst for House Bill 1821 was a thorough study conducted on the increasing insurance premiums that affect educational institutions. The findings indicated substantial inefficiencies in the prevailing commercial insurance landscape. Hales and Lenz reported that the existing strategy had created a fragmented approach, resulting in redundant costs, commissions, and added fees.
The new captive model proposed under House Bill 1821 aims to break this cycle by curtailing unnecessary expenses. By combining three already existing programs, the new framework is projected to save Arkansas millions in the first year alone. This cost-savings approach ensures that funds are redirected towards enhancing educational initiatives, a win for both the institutions and the state's education system overall.
Moving Towards Implementation
Kyle M. Hales expressed enthusiasm regarding the passage of HB 1821, stating, “We are thrilled to contribute towards achieving significant efficiencies for the State, allowing savings to support our educational framework.” The practical implementation of this new captive insurance model is set to commence in July 2025. The transition will occur in phases, transferring existing policies and liabilities to the new structure over time.
Perr&Knight will maintain a guiding role during this transition, continuing to provide advice and recommendations directly to the Executive Subcommittee of the Arkansas Bureau of Legislative Research. This will ensure that the initiative progresses smoothly and effectively.
About Perr&Knight
For more than three decades, Perr&Knight has been a cornerstone in the insurance industry, renowned for delivering high-quality actuarial consulting, risk strategies, and insurance operations solutions. Their services cover a plethora of areas, including predictive analytics, compliance, operational assessments, and technology consulting. Their cloud-based solutions like StateFilings.com highlight their commitment to leveraging technology for superior results.
The establishment of HB 1821 is not just a legislative victory, but a groundbreaking step toward creating a more resilient and efficient insurance framework for educational institutions in Arkansas. Perr&Knight's proactive approach exemplifies how consultancy can lead to real-world solutions that prioritize not only fiscal responsibility but also educational enhancement.
Topics Business Technology）
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