The American Insurance Association praised Arkansas Governor Huckabee for signing significant tort reform legislation passed in the state legislature. AIA said the bill will help “lower the cost of tort claims and help keep liability insurance available and affordable.” HB 1038, the omnibus tort reform measure sponsored by Rep. Danny Ferguson (D) and Sen. Bob Johnson (D), contains several important tort reforms including a $1 million cap on punitive and non-economic damages along with joint and several liability and venue reform. The AIA worked with a bi-partisan coalition, the Committee to Save Arkansas Jobs, to promote the tenets of tort reform and its affects on economic development in the state. HB 1038 was approved by the Arkansas House of Representatives by a vote of 71-29, and in the Arkansas Senate by a vote of 34-1. The bill was signed into law by Gov. Huckabee on March 15.
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