Arkansas Goveror Signs Shelter’s Depreciation of Costs Bill
COLUMBIA, MO - On Tuesday, February 28, Arkansas Governor Asa Hutchinson signed Shelter’s Depreciation of Costs Bill, SB 133, into law in a meeting with Shelter executives Rick Means, Matt Moore, Randa Rawlins, Brian Waller, and Jim Rothwell.
SB 133 overturns an Arkansas Supreme Court case that disallowed the depreciation of labor costs in property policies. SB 133 allows insurance policies to depreciate all property costs, including labor costs. This change will lead to more consumer choice and better consumer protections in the property insurance market place.
Shelter wrote this bill then secured support for it from the property and casualty insurance industry in Arkansas, as well as from the Arkansas Department of Insurance. The Department testified alongside Shelter in support of this bill in House and Senate Insurance Committee hearings.
Key to Shelter’s success in the passage of this bill was the grassroots support of almost 300 Shelter agents and employees in Arkansas who made critically important phone calls to their legislators. This constituent contact to explain the bill and to ask for votes in favor of it was vitally important in making this bill into law, and it will help Shelter in future efforts to support legislation important to our customers and our company.
The Shelter Insurance Companies offer auto, home, life, farm and business insurance services to customers in 18 states via a network of local insurance agents. Shelter is rated an FSR of “A” (Excellent) by A.M. Best. For more information, contact Director of Public Relations Jay MacLellan at 573-214-4393.NewerOlder