reglab/housing_qa huggingface dataset:
AR Code § 23-81-302 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 3 - Standard Nonforfeiture Law For Individual Deferred Annuities|§ 23-81-302. Applicability

 This subchapter shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, nor to any contract which shall be delivered outside this state through an agent or other representative of the insurer issuing the contract.
AR Code § 23-81-305 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 3 - Standard Nonforfeiture Law For Individual Deferred Annuities|§ 23-81-305. Computation of present value

 (a) Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date.  (b) The present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.
AR Code § 23-81-306 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 3 - Standard Nonforfeiture Law For Individual Deferred Annuities|§ 23-81-306. Calculation of cash surrender values

 (a) For contracts which provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, the present value being calculated on the basis of an interest rate not more than one percent (1%) higher than the interest rate specified in the contract for accumulating the net considerations to determine the maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the insurer to the contract.  (b) In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time.  (c) The death benefit under the contracts shall be at least equal to the cash surrender benefit.
AR Code § 23-81-307 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 3 - Standard Nonforfeiture Law For Individual Deferred Annuities|§ 23-81-307. Calculation of paid-up annuity benefits

 (a) For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity. The present value shall be calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine the maturity value and increased by any existing additional amounts credited by the insurer to the contract.  (b) For contracts which do not provide any death benefits prior to the commencement of any annuity payments, the present values shall be calculated on the basis of the interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit.  (c) However, in no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.
AR Code § 23-81-308 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 3 - Standard Nonforfeiture Law For Individual Deferred Annuities|§ 23-81-308. Maturity date

 (a) For the purpose of determining the benefits calculated under §§ 23-81-306 and 23-81-307, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract. This date shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.  (b) This section does not apply to annuities funding funeral and related expenses.
AR Code § 23-81-309 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 3 - Standard Nonforfeiture Law For Individual Deferred Annuities|§ 23-81-309. Disclosure of limited death benefits

 Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits are not provided.
AR Code § 23-81-310 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 3 - Standard Nonforfeiture Law For Individual Deferred Annuities|§ 23-81-310. Inclusion of lapse-of-time considerations

 Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.
AR Code § 23-81-311 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 3 - Standard Nonforfeiture Law For Individual Deferred Annuities|§ 23-81-311. Proration of values — Additional benefits

 (a) For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits, if any, for the life insurance portion shall be computed as if each portion were a separate contract.  (b)  (1) Notwithstanding the provisions of §§ 23-81-305 — 23-81-308 and 23-81-310, additional benefits payable:  (A) In the event of total and permanent disability;  (B) As reversionary annuity or deferred reversionary annuity benefits; or  (C) As other policy benefits additional to life insurance, endowment, and annuity benefits, and considerations for all the additional benefits,    (2) The inclusion of additional benefits shall not be required in any paid-up benefit, unless the additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits.      shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits that may be required by this subchapter.
AR Code § 23-81-312 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 3 - Standard Nonforfeiture Law For Individual Deferred Annuities|§ 23-81-312. Operative date

 (a) After June 17, 1981, any insurer may file with the Insurance Commissioner a written notice of its election to comply with the provisions of this subchapter after a specified date before January 1, 1983.  (b) After the filing of the notice, then upon the specified date, which shall be the operative date of this subchapter for the insurer, this subchapter shall become operative with respect to annuity contracts thereafter issued by the insurer.  (c) If an insurer makes no election, the operative date of this subchapter for the insurer shall be January 1, 1983.
AR Code § 23-81-313 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 3 - Standard Nonforfeiture Law For Individual Deferred Annuities|§ 23-81-313. Rules

 The Insurance Commissioner may adopt rules to implement the provisions of this subchapter.
AR Code § 23-81-401 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 4 - Variable Contracts|§ 23-81-401. Exceptions from Arkansas Insurance Code

 (a)  (1) All pertinent provisions of the Arkansas Insurance Code shall apply to separate accounts and contracts relating to those accounts, except:  (A) Sections 23-81-122, 23-81-127, and 23-81-128 in the case of a variable annuity contract;  (B) Sections 23-81-104, 23-81-109 — 23-81-111, and the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq., in the case of a variable life insurance policy;  (C) Section 23-83-109 in the case of group variable life insurance; and  (D) As otherwise provided in this subchapter.    (2) Any group or individual variable life insurance contract or annuity contract delivered or issued for delivery in this state shall contain grace, reinstatement, and nonforfeiture provisions appropriate to the contract.    (b) The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guaranteed.
AR Code § 23-81-403 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 4 - Variable Contracts|§ 23-81-403. Contract provisions required

 (a) Any contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurance company in determining the dollar amount of the variable benefits.  (b) Any contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that the dollar amount will so vary and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis.
AR Code § 23-81-404 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 4 - Variable Contracts|§ 23-81-404. Licensure requirements for delivery of contracts

 (a) No company shall deliver or issue for delivery within this state variable contracts unless it is licensed or organized to do a life insurance or annuity business in this state and unless the Insurance Commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state.  (b)  (1) In this connection, the commissioner shall consider among other things:  (A) The history and financial condition of the company;  (B) The character, responsibility, and fitness of the officers and directors of the company; and  (C) The law and regulation under which the company is authorized in the state of domicile to issue variable contracts. The state of entry of an alien company shall be deemed its place of domicile for this purpose.    (2) If the company is a subsidiary of an admitted life insurance company or affiliated with such a company through common management or ownership, it may be deemed by the commissioner to have met the provisions of this section if either it or the parent or the affiliated company meets the requirements of this subsection.
AR Code § 23-81-405 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 4 - Variable Contracts|§ 23-81-405. Insurance Commissioner's authority to regulate

 Notwithstanding any other provision of law, the Insurance Commissioner shall have sole authority to regulate the issuance and sale of variable contracts and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this subchapter.
AR Code § 23-81-701 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 7 - Structured Settlement Protection Act|§ 23-81-701. Title

 This subchapter shall be known and may be cited as the “Structured Settlement Protection Act”.
AR Code § 23-81-703 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 7 - Structured Settlement Protection Act|§ 23-81-703. Required disclosures to payee

 Not less than three (3) days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement in bold type no smaller than fourteen (14) points, setting forth:   (1) The amounts and due dates of the structured settlement payments to be transferred;  (2) The aggregate amount of the payments;  (3) The discounted present value of the payments to be transferred, which shall be identified as the “calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities”, and the amount of the applicable federal rate used in calculating the discounted present value;  (4) The gross advance amount;  (5) An itemized listing of all applicable transfer expenses, other than attorney's fees and related disbursements payable in connection with the transferee's application for approval of the transfer, and the transferee's best estimate of the amount of any such fees and disbursements;  (6) The net advance amount;  (7) The amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and  (8) A statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.
AR Code § 23-81-704 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 7 - Structured Settlement Protection Act|§ 23-81-704. Approval of transfers of structured settlement payment rights

 No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order or order of a responsible administrative authority based on express findings by the court or responsible administrative authority that:   (1) The transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents;  (2) The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received the advice or knowingly waived the advice in writing; and  (3) The transfer does not contravene any applicable statute or the order of any court or other government authority.
AR Code § 23-81-705 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 7 - Structured Settlement Protection Act|§ 23-81-705. Effects of transfer of structured settlement payment rights

 Following a transfer of structured settlement payment rights under this subchapter:   (1) The structured settlement obligor and the annuity issuer shall be discharged and released from all liability for the transferred payments as to all parties except the transferee;  (2) The transferee shall be liable to the structured settlement obligor and the annuity issuer:  (A) If the transfer contravenes the terms of the structured settlement, for any taxes incurred by such parties as a consequence of the transfer; and  (B) For any other liabilities or costs, including reasonable costs and attorney's fees, arising from compliance by the parties with the order of the court or responsible administrative authority or arising as a consequence of the transferee's failure to comply with this subchapter;    (3) Neither the annuity issuer nor the structured settlement obligor may be required to divide any periodic payment between the payee and any transferee or assignee or between two (2) or more transferees or assignees; and  (4) Any further transfer of structured settlement payment rights by the payee may be made only after compliance with all of the requirements of this subchapter.
AR Code § 23-81-706 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 7 - Structured Settlement Protection Act|§ 23-81-706. Procedure for approval of transfers

 (a) An application under this subchapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought:  (1) In the county in which:  (A) The payee resides; or  (B) The structured settlement obligor or the annuity issuer maintains its principal place of business; or    (2) In any court or before any responsible administrative authority which approved the structured settlement agreement.    (b) Not less than twenty (20) days prior to the scheduled hearing on any application for approval of a transfer of structured settlement payment rights under § 23-81-704, the transferee shall file with the court or responsible administrative authority and serve on all interested parties a notice of the proposed transfer and the application for its authorization, including with the notice:  (1) A copy of the transferee's application;  (2) A copy of the transfer agreement;  (3) A copy of the disclosure statement required under § 23-81-703;  (4) A listing of each of the payee's dependents and each dependent's age;  (5) Notification that any interested party is entitled to support, oppose, or otherwise respond to the transferee's application, either in person or by counsel, by submitting written comments to the court or responsible administrative authority or by participating in the hearing; and  (6)  (A) Notification of:  (i) The time and place of the hearing; and  (ii) The manner in which and the time by which written responses to the application must be filed in order to be considered by the court or responsible administrative authority.    (B) The time by which written responses to the application must be filed shall be not less than twenty (20) days after service of the transferee's notice.
AR Code § 23-81-707 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 7 - Structured Settlement Protection Act|§ 23-81-707. General provisions — Construction

 (a) The provisions of this subchapter may not be waived by any payee.  (b)  (1) Any transfer agreement entered into on or after August 12, 2005, by a payee who resides in this state shall provide that disputes under the transfer agreement, including any claim that the payee has breached the agreement, shall be determined in and under the laws of the State of Arkansas.  (2) No transfer agreement shall authorize the transferee or any other party to confess judgment or consent to entry of judgment against the payee.    (c) No transfer of structured settlement payment rights shall extend to any payments that are life-contingent unless prior to the date on which the payee signs the transfer agreement, the transferee has established and has agreed to maintain procedures reasonably satisfactory to the annuity issuer and the structured settlement obligor for:  (1) Periodically confirming the payee's survival; and  (2) Giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee's death.    (d) No payee who proposes to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee or any assignee based on any failure of the transfer to satisfy the conditions of this subchapter.  (e) Nothing contained in this subchapter shall be construed to authorize any transfer of structured settlement payment rights in contravention of any law or to imply that any transfer under a transfer agreement entered into prior to August 12, 2005, is valid or invalid.  (f) Compliance with the requirements set forth in § 23-81-703 and fulfillment of the conditions set forth in § 23-81-704 shall be solely the responsibility of the transferee in any transfer of structured settlement payment rights, and neither the structured settlement obligor nor the annuity issuer shall bear any responsibility for or any liability arising from noncompliance with the requirements or failure to fulfill the conditions.
AR Code § 23-81-801 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 8 - Life Settlements Act|§ 23-81-801. Short title

 This subchapter shall be known and may be cited as the “Life Settlements Act”.