LITTLE ROCK, Ark. (News release) – Arkansas Insurance Commissioner Allen Kerr today released the following statement to announce his resignation, effective March 27, 2020, to pursue opportunities in the private sector:
“It has been the greatest honor of my life to serve as State Insurance Commissioner under Governor Hutchinson these last five years. Today, Arkansas is the destination for the insurance industry known as a place where a company can come and do honest business without being overregulated.”
During his tenure as Commissioner, Kerr recruited and welcomed 110 new insurance companies to do business in Arkansas, increased annual revenue to the state by $84.25 million, increased licensures 67.6%, and tripled the amount of captive insurers in the state—making Arkansas one of the fastest-growing captive markets in the country.
Under Kerr, the Arkansas Insurance Department also took responsibility for the Arkansas Health Insurance Marketplace. In it’s first year of operation under AID, Marketplace enrollment increased year-to-year for the first time since 2016 and over $13 million in combined savings to taxpayers and policyholders were realized due to the elimination of user fees charged to insurance carriers.
Statement from Governor Asa Hutchinson on Kerr’s resignation:
“I am grateful for Allen Kerr’s service in my administration and for his work as Insurance Commissioner over the last five years. He made the Insurance Department more efficient and helped open the state to numerous new companies by showing that Arkansas is a great place to do business. I appreciate his leadership and support throughout our transformation efforts and I wish him well in his future endeavors.”