reglab/housing_qa huggingface dataset:
AR Code § 23-81-131 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 1 - General Provisions|§ 23-81-131. Registered life insurance policies and annuity contracts — Certificate

 (a)  (1) After making the deposit mentioned in § 23-81-130, the insurer shall not thereafter issue a registered policy life insurance or of endowment, or annuity bond or contract, unless the policy, bond, or contract shall have upon its face a certificate substantially in the following words: “This policy is registered, and approved securities equal in value to the legal reserve hereon are held in trust by the Commissioner of Insurance of the State of Arkansas.”  (2) The certificate shall be signed by the Insurance Commissioner and sealed with the seal of the commissioner's office.    (b) Every insurer making a deposit under § 23-81-130 shall pay the commissioner for each certificate placed on registered policies, annuity bonds, or contracts issued by the insurer after the original or first deposit is made thereunder, a fee of twenty-five cents (25¢), and this fee so received shall be disposed of by the commissioner as follows:  (1) For payment of the annual rent or hire of the safe deposit box or custodial expense as provided for under § 23-63-904;  (2) Payment for the services of a competent and reliable representative of the commissioner, to be appointed by the commissioner, who shall have direct charge of the securities and safety box containing them, and through whom and under whose supervision the insurer may have access to its securities for the purposes provided in this section and §§ 23-81-130 and 23-81-132 — 23-81-136. The sum paid the representative shall not exceed the amount received from registration of policies by the insurer during any one (1) year; and  (3) The balance of the fees shall be paid to or deposited with the Treasurer of State to the credit of the General Revenue Fund Account of the State Apportionment Fund.
AR Code § 23-81-132 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 1 - General Provisions|§ 23-81-132. Registered life insurance policies and annuity contracts — Valuation

 (a) The insurer shall prepare and keep such records of all registered policies, bonds, or contracts issued by it and subject to § 23-81-131 as will enable the Insurance Commissioner to compute their value at any time.  (b) Upon proof that any of the policies, bonds, or contracts have been commuted or terminated, the insurer shall commute or cancel them upon its record. Until proof exists, all registered contracts shall be considered in force for the purposes of this section and §§ 23-81-130, 23-81-131, and 23-81-133 — 23-81-136.  (c) The net value of every policy, annuity bond, or contract, according to the standard prescribed by the laws of this state for the valuation of policies of life insurers, when the first premium shall have been paid thereon, less the amount of such liens as the insurer may have against it, not exceeding the value, shall be entered on the record of the policy, annuity bond, or contract at the time the record is made.  (d) On January 1 of each year, or within sixty (60) days thereafter, the insurer shall cause its registered policies, annuity bonds, or contracts to be carefully valued. The actual value of each at the time fixed for the valuation, less such liens as the insurer may have against it, not exceeding the value, shall be entered upon the insurer's record of the policy, bond, or contract.
AR Code § 23-81-133 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 1 - General Provisions|§ 23-81-133. Registered life insurance policies and annuity contracts — Mutilated or surrendered policies

 The Insurance Commissioner shall cancel mutilated or surrendered policies, annuity bonds, and contracts issued by any insurers subject to § 23-81-130 when surrendered to the commissioner and for the purpose of cancellation and certify other like policies, bonds, or contracts when issued in lieu thereof.
AR Code § 23-81-134 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 1 - General Provisions|§ 23-81-134. Registered life insurance policies and annuity contracts — Maintenance of deposit — Commissioner's duty to issue certificate

 (a)  (1) Each insurer that has made the deposit provided for under § 23-81-130 shall make additional deposits from time to time in amounts not less than five thousand dollars ($5,000) and of such securities as are permitted by §§ 23-63-901 — 23-63-912 to be deposited so that the value of the securities deposited when valued as provided in § 23-63-601 et seq. and §§ 23-84-101 — 23-84-111 shall always be equal to the current net value of the currently outstanding registered policies and annuity bonds and contracts issued by the insurer, less such liens as the insurer may have against it, not exceeding the net value.  (2) So long as the insurer maintains its deposits at an amount equal to or in excess of the net value of its registered policies, bonds, and contracts, the Insurance Commissioner shall sign and affix his or her seal to the certificates on every policy, annuity bond, or contract presented to him or her for that purpose by the insurer as provided in § 23-81-131.    (b) The obligation to maintain and increase the deposits shall be binding likewise upon any insurer that is a successor in interest to the issuing insurer as to the registered policies, bonds, or contracts.
AR Code § 23-81-135 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 1 - General Provisions|§ 23-81-135. Registered life insurance policies and annuity contracts — Credit of certain deposits

 A domestic life insurer which has made a deposit as to reserves pursuant to § 23-81-130 and which has also heretofore made a similar deposit with respect to its capital stock under laws heretofore in force may, to the extent that the deposit as to capital stock is composed of securities and assets eligible for deposit under § 23-63-903, credit the amount of the deposit as to capital upon the amount of deposit required as to such reserves.
AR Code § 23-81-136 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 1 - General Provisions|§ 23-81-136. Registered life insurance policies and annuity contracts — Deficiency of deposit

 (a) If at any time the value of the securities and assets held on deposit as to a particular insurer under § 23-81-130 is less than the actual value of the registered policies and annuity bonds or contracts issued by the insurer and then in force, the Insurance Commissioner shall not execute the certificate on any additional policies, annuity bonds, or contracts of the insurer until it shall have made good the deficit.  (b) In the event of any deficiency in its deposit, the insurer shall also be subject to the provisions of § 23-63-910(b).
AR Code § 23-81-201 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 2 - Standard Nonforfeiture Law for Life Insurance|§ 23-81-201. Title

 This subchapter shall be known and may be cited as the “Standard Nonforfeiture Law for Life Insurance”.
AR Code § 23-81-202 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 2 - Standard Nonforfeiture Law for Life Insurance|§ 23-81-202. Applicability

 (a) This subchapter shall not apply to any of the following:  (1) Reinsurance;  (2) Group insurance;  (3) Pure endowment;  (4) Annuity or reversionary annuity contract;  (5) A term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy;  (6) A term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in §§ 23-81-206 — 23-81-209 is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy;  (7) A policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in §§ 23-81-204 — 23-81-209 exceeds two and one-half percent (2.5%) of the amount of insurance at the beginning of the same policy year; or  (8) A policy which shall be delivered outside this state through an agent or other representative of the insurer issuing the policy.    (b) For purposes of determining the applicability of this subchapter, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.
AR Code § 23-81-204 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 2 - Standard Nonforfeiture Law for Life Insurance|§ 23-81-204. Cash surrender value

 (a) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by § 23-81-203, shall be an amount not less than the excess, if any, of the present value, on the anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of:  (1) The then-present value of the adjusted premiums as defined in §§ 23-81-206 — 23-81-209 corresponding to premiums which would have fallen due on and after the anniversary; and  (2) The amount of any indebtedness to the insurer on the policy.    (b) However, for any policy issued on or after the operative date of § 23-81-207 as defined therein, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value as defined in the section for an otherwise similar policy issued at the same age without the rider or supplemental policy provision and the cash surrender value as defined in the section for a policy which provides only the benefits otherwise provided by the rider or supplemental policy provision.  (c) For any family policy issued on or after the operative date of § 23-81-207 as defined therein, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse's age seventy-one (71), the cash surrender value referred to in subsection (a) of this section shall be an amount not less than the sum of the cash surrender value as defined in the section for an otherwise similar policy issued at the same age without such term insurance on the life of the spouse and the cash surrender value as defined in the section for a policy which provides only the benefits otherwise provided by the term insurance on the life of the spouse.  (d) Any cash surrender value available within thirty (30) days after any policy anniversary under any policy paid up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by § 23-81-203, shall be an amount not less than the present value, on the anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the insurer on the policy.
AR Code § 23-81-205 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 2 - Standard Nonforfeiture Law for Life Insurance|§ 23-81-205. Certain paid-up benefits

 Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of the anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this subchapter in the absence of the condition that premiums shall have been paid for at least a specified period.
AR Code § 23-81-207 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 2 - Standard Nonforfeiture Law for Life Insurance|§ 23-81-207. Calculation of adjusted premiums and present values — Ordinary policies issued on or after operative date of § 23-81-213(b)

 (a) In the case of ordinary policies issued on or after the operative date of § 23-81-213(b) as defined therein, all adjusted premiums and present values referred to in this subchapter shall be calculated on the basis of the Insurance Commissioner's 1958 Standard Ordinary Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits.  (b) The rate of interest shall not exceed three and one-half percent (3.5%) per annum except that a rate of interest not exceeding five and one-half percent (5.5%) per annum may be used for policies issued on or after March 18, 1977, except that for any single premium whole life or endowment insurance policy, a rate of interest not exceeding six and one-half percent (6.5%) per annum may be used.  (c) For any category of ordinary insurance issued on female risks, adjusted premiums and present values may be calculated according to an age not more than six (6) years younger than the actual age of the insured.  (d) However, in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the commissioner's 1958 Extended Term Insurance Table.  (e) Further, for insurance issued on a substandard basis, the calculation of any adjusted premiums and present values may be based on such other table of mortality as may be specified by the insurer and approved by the commissioner.  (f) This section shall not apply to ordinary policies issued on or after the operative date of § 23-81-213(d).
AR Code § 23-81-208 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 2 - Standard Nonforfeiture Law for Life Insurance|§ 23-81-208. Calculation of adjusted premiums and present values — Industrial policies issued on or after operative date of § 23-81-213(c)

 (a) In the case of industrial policies issued on or after the operative date of § 23-81-213(c) as defined therein, all adjusted premiums and present values referred to in this subchapter shall be calculated on the basis of the Insurance Commissioner's 1961 Standard Industrial Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits.  (b) However, the rate of interest shall not exceed three and one-half percent (3.5%) per annum, except that a rate of interest not exceeding five and one-half percent (5.5%) per annum may be used for policies issued on or after March 18, 1977, except that for any single premium whole life or endowment insurance policy a rate of interest not exceeding six and one-half percent (6.5%) per annum may be used.  (c) However, in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the commissioner's 1961 Industrial Extended Term Insurance Table.  (d) Further, for insurance issued on a substandard basis, the calculations of any adjusted premiums and present values may be based on such other table of mortality as may be specified by the insurer and approved by the commissioner.  (e) This section shall not apply to industrial policies issued on or after the operative date of § 23-81-213(d) as defined therein.
AR Code § 23-81-210 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 2 - Standard Nonforfeiture Law for Life Insurance|§ 23-81-210. Calculation of future adjusted premiums

 (a) In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in §§ 23-81-203 — 23-81-209:  (1) The Insurance Commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by §§ 23-81-203 — 23-81-209;  (2) The commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds; and  (3) The cash surrender values and paid-up nonforfeiture benefits provided by the plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this subchapter, as determined by rules promulgated by the commissioner.    (b) Notwithstanding any other provision in the laws of the state, any policy, contract, or certificate providing life insurance under any plan must be affirmatively approved by the commissioner before it can be marketed, issued, delivered, or used in this state.
AR Code § 23-81-211 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 2 - Standard Nonforfeiture Law for Life Insurance|§ 23-81-211. Calculation of certain cash surrender values and nonforfeiture benefits in event of default

 (a) Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary.  (b) All values referred to in §§ 23-81-204 — 23-81-209 may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death.  (c) The net value of any paid-up additions, other than paid-up term additions, shall be not less than the amounts used to provide the additions.  (d) Notwithstanding the provisions of § 23-81-204, additional benefits are payable:  (1) In the event of death or dismemberment by accident or accidental means;  (2) In the event of total and permanent disability;  (3) As reversionary annuity or deferred benefits;  (4) As term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this subchapter would not apply;  (5) As term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if the term insurance expires before the child is twenty-six (26) years of age, is uniform in amount after the child's age is one (1) year, and has not become paid up by reason of the death of a parent of the child; and  (6) As other policy benefits additional to life insurance and endowment benefits, and premiums for all such additional benefits, shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this subchapter, and no additional benefits shall be required to be included in any paid-up nonforfeiture benefits.
AR Code § 23-81-213 (2020)
2020 Arkansas Code|Title 23 - Public Utilities and Regulated Industries|Subtitle 3 - Insurance|Chapter 81 - Life Insurance Policies And Annuities|Subchapter 2 - Standard Nonforfeiture Law for Life Insurance|§ 23-81-213. Effective dates

 (a) After January 1, 1960, any insurer may file with the Insurance Commissioner a written notice of its election to comply after a specified date before January 1, 1961. After the filing of the notice and then upon the specified date, which shall be the operative date for the insurer, this subsection shall become operative with respect to the policies thereafter issued by such an insurer. If an insurer makes no election, the operative date of this subsection for the insurer shall be January 1, 1961.  (b) After March 16, 1961, any insurer may file with the commissioner a written notice of its election to comply after a specified date before January 1, 1966. After the filing of the notice and then upon the specified date, which shall be the operative date for the insurer, this subsection shall become operative with respect to the policies thereafter issued by the insurer. If an insurer makes no election, the operative date of this subsection for the insurer shall be January 1, 1966.  (c) After January 1, 1960, any insurer may file with the commissioner a written notice of its election to comply after a specified date before January 1, 1969. After the filing of the notice and then upon the specified date, which shall be the operative date for the insurer, this subsection shall become operative with respect to the policies thereafter issued by such an insurer. If an insurer makes no election, the operative date of this subsection for the insurer shall be January 1, 1969.  (d) After January 1, 1982, any insurer may file with the commissioner a written notice of its election to comply after a specified date before January 1, 1989. After the filing of the notice and then upon the specified date, which shall be the operative date for the insurer, this subsection shall become operative with respect to the policies thereafter issued by the insurer. If an insurer makes no election, the operative date of this subsection for the insurer shall be January 1, 1989.  (e) After January 1, 1982, any insurer may file with the commissioner a written notice of its election to comply after a specified date before January 1, 1985. After the filing of the notice and then upon the specified date, which shall be the operative date for the insurer, this subsection shall become operative with respect to the policies thereafter issued by the insurer. If any insurer makes no election, the operative date of this subsection shall be January 1, 1985.
AR Code § 23-81-301 (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|§ 23-81-301. Title

 This subchapter shall be known as the “Standard Nonforfeiture Law for Individual Deferred Annuities”.