reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-111 - Life insurance - Reinstatement provision

There shall be a provision that unless the policy has been surrendered for its cash surrender value or its cash surrender value has been exhausted, or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) years from the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears, and the payment or reinstatement of any other indebtedness to the insurer upon the policy, all with interest at a rate not exceeding six percent (6%) per annum compounded annually.
Acts 1959, No. 148, § 319; A.S.A. 1947, § 66-3310.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-112 - Life insurance - Payment of premiums provision

There shall be a provision relative to the payment of premiums.
Acts 1959, No. 148, § 320; A.S.A. 1947, § 66-3311.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-113 - Life insurance - Payment of claims provision

(a)
There shall be a provision that when a policy shall become a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and, at the insurer's option, surrender of the policy or proof of the interest of the claimant, or both surrender and proof.
(b)
If any insurer shall specify a particular period prior to the expiration of which settlement shall be made, the period shall not exceed two (2) months from the receipt of the proofs.
Acts 1959, No. 148, § 321; A.S.A. 1947, § 66-3312.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-114 - Life insurance - Excluded or restricted coverage clauses limited

A clause in any policy of life insurance providing that the policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy. Such a clause shall not preclude the assertion at any time of defenses based upon provisions in the policy which exclude or restrict coverage, whether or not the restrictions or exclusions are excepted in the clause.
Acts 1959, No. 148, § 323; A.S.A. 1947, § 66-3314.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-116 - Life insurance - Holding of proceeds

(a)
Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder.
(b)
Upon maturity of a policy, by death in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries.
(c)
The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets.
Acts 1959, No. 148, § 334; A.S.A. 1947, § 66-3325.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-117 - Life insurance - Indebtedness deducted from proceeds

In determining the amount due under any life insurance policy issued, deduction may be made of:
(1)
Any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and
(2)
The amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid.
Acts 1959, No. 148, § 335; A.S.A. 1947, § 66-3326.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-118 - Life insurance - Refund of certain premiums and payment of proceeds

(a)
Upon the death of an insured, the proceeds payable to the beneficiary under any policy of individual life insurance, delivered or issued for delivery in this state after July 20, 1979, that is in force on a premium-paying basis on the date of death shall include premiums paid for any period beyond the end of the policy month in which death occurred unless the refund of premiums is due some other person pursuant to contract provisions.
(b)
(1)
When proceeds of any individual policy of life insurance, delivered or issued for delivery in this state, or refunds of premiums on any individual policy of life insurance delivered or issued for delivery in this state after July 20, 1979, are not paid within a reasonable period of time after proof of the death of the insured has been furnished to the insurer, the insurer shall pay interest upon the proceeds or refunds of premiums at the rate of eight percent (8%) per year.
(2)
For the purpose of this section, a reasonable period of time shall be that period of time sufficient to complete an investigation of the cause of death and to process the necessary claims. In no case shall this period exceed thirty (30) days from the date proof of death of the insured has been furnished to the insurer.
(c)
Unearned premiums shall be paid in a lump sum on a date no later than thirty (30) days after the proof of the insured's death has been furnished to the insurer. If not paid within thirty (30) days after proof of the insured's death has been furnished the insurer, interest upon any unpaid proceeds and any unearned premiums shall accrue interest from the date of the insured's death.
(d)
Nothing in this section shall be construed to require a refund of premiums on single premium policies.
Acts 1979, No. 312, §§ 1-4; A.S.A. 1947, §§ 66-3312.1 -- 66-3312.4; Acts 2001, No. 1382, § 2.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-120 - Life insurance - Unnamed beneficiaries prohibited

(a)
No life insurance policy shall be issued or delivered in this state if it provides that on the death of anyone not specifically named therein, the owner or beneficiary of the policy shall receive the payment or granting of anything of value.
(b)
This provision shall not be deemed to prohibit:
(1)
The payment to policyholders or beneficiaries of sums representing in whole or in part gains to the insurer from mortality either in general or as resulting from particular classifications of policies;
(2)
Family policies insuring unspecified members of a family; or
(3)
Payments to unspecified beneficiaries of a class named by the insured.
Acts 1959, No. 148, § 345; 1977, No. 789, § 7; A.S.A. 1947, § 66-3336.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-121 - Annuity and pure endowment contracts - Standard provisions required

(a)
No annuity or pure endowment contract, other than reversionary annuities, survivorship annuities, or group annuities and except as stated in this section, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in §§
23-81-122
-
23-81-127
. Any of the provisions not applicable to single premium annuities or single premium pure endowment contracts shall not, to that extent, be incorporated therein.
(b)
This section shall not apply to contracts for deferred annuities included in, or upon the lives of beneficiaries under, life insurance policies.
Acts 1959, No. 148, § 324; A.S.A. 1947, § 66-3315.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-122 - Annuity and pure endowment contracts - Grace period provision

(a)
In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that there shall be a period of grace of one (1) month, but not less than thirty (30) days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer to an interest charge thereon at a rate to be specified in the contract but not exceeding six percent (6%) per annum for the number of days of grace elapsing before the payment, during which period of grace the contract shall continue in full force.
(b)
However, in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer or the deferred payment of the current contract year, if any, is made, the amount of the payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement.
Acts 1959, No. 148, § 325; A.S.A. 1947, § 66-3316.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-123 - Annuity and pure endowment contracts - Incontestability provision

If any statements, other than those relating to age, sex, and identity, are required as a condition to issuing an annuity or pure endowment contract, other than reversionary, survivorship, or group annuity, and subject to §
23-81-125
, there shall be a provision that, except for fraud in the procurement, the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons as to whom the statements are required, for a period of two (2) years from its date of issue except for nonpayment of stipulated payments to the insurer. At the option of the insurer, the contract may also except any provisions relative to benefits in the event of disability and any provisions that grant insurance specifically against death by accident or accidental means. Furthermore, at its option, the insurer may omit from the provision the phrase "except for fraud in the procurement".
Acts 1959, No. 148, § 326; A.S.A. 1947, § 66-3317; Acts 2001, No. 1382, § 3.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-124 - Annuity and pure endowment contracts - Integrity of contract provision

In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the application shall constitute the entire contract between the parties.
Acts 1959, No. 148, § 327; A.S.A. 1947, § 66-3318.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-125 - Annuity and pure endowment contracts - Misstatement of age provision

In an annuity or pure endowment contract, other than reversionary, survivorship, or group annuity, there shall be a provision that if the age of the person or persons upon whose life or lives the contract is made, or of any of them, has been misstated, the amount payable or benefits accruing under the contract shall be such as the stipulated payments to the insurer would have purchased according to the correct age, and that if the insurer shall make or has made any overpayments on account of any misstatement, the amount thereof, with interest at the rate to be specified in the contract but not exceeding six percent (6%) per annum, may be charged against the current or next succeeding payment or payments to be made by the insurer under the contract.
Acts 1959, No. 148, § 328; A.S.A. 1947, § 66-3319.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-126 - Annuity and pure endowment contracts - Dividend provision

If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.
Acts 1959, No. 148, § 329; A.S.A. 1947, § 66-3320.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-127 - Annuity and pure endowment contracts - Reinstatement provision

In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within one (1) year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract but not exceeding six percent (6%) per annum payable annually. In cases when applicable, the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.
Acts 1959, No. 148, § 330; A.S.A. 1947, § 66-3321.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-128 - Reversionary annuities - Standard provisions required

(a)
Except as stated in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions:
(1)
Any reversionary annuity contract shall contain the provisions specified in §§
23-81-122
-
23-81-126
, except that under §
23-81-122
the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for deduction of the payments from an amount payable upon settlement under the contract; and
(2)
In reversionary annuity contracts, there shall be a provision that the contract may be reinstated at any time within three (3) years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the issuer on account of the contract be paid, or, within the limits permitted by the then-cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually.
(b)
This section shall not apply to group annuities or to annuities included in life insurance policies, and any of the provisions not applicable to single premium annuities shall not to that extent be incorporated therein.
Acts 1959, No. 148, § 331; A.S.A. 1947, § 66-3322.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-129 - Incontestability of life insurance policy or annuity contract after reinstatement

The reinstatement of any policy of life insurance or annuity contract delivered or issued for delivery in this state may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to contestability after original issuance.
Acts 1959, No. 148, § 333; A.S.A. 1947, § 66-3324.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-130 - Registered life insurance policies and annuity contracts - Deposit of reserves

(a)
A domestic life insurer existing on January 1, 1960, may deposit and shall thereafter maintain on deposit with the Insurance Commissioner securities and assets equal to the legal reserve on its registered life insurance policies and annuity contracts in force under the provisions of §
23-63-601
et seq. The securities and assets shall be held on deposit in trust for the common benefit of all the holders of the policies and contracts.
(b)
However, no deposit shall be made or maintained as to industrial life insurance policies.
(c)
All securities not negotiable by delivery and deposited by an insurer under this section shall be assigned to the commissioner and his or her successors in office, but the assignments shall be deemed to be conditional only and shall not be recorded unless and until the commissioner has revoked or refused to continue the insurer's certificate of authority or until the commissioner has applied to the court for receivership of the insurer in accordance with either §
23-68-106
or §
23-68-107
.
(d)
Deposits shall be subject to the applicable provisions of §§
23-63-901
-
23-63-912
, administration of deposits.
Acts 1959, No. 148, § 337; A.S.A. 1947, § 66-3328; Acts 2001, No. 1566, § 18.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 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.
Acts 1959, No. 148, §§ 338, 344; A.S.A. 1947, §§ 66-3329, 66-3335.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 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.
Acts 1959, No. 148, § 339; A.S.A. 1947, § 66-3330.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 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.
Acts 1959, No. 148, § 340; A.S.A. 1947, § 66-3331.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 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.
Acts 1959, No. 148, § 341; A.S.A. 1947, § 66-3332; Acts 2001, No. 1566, § 19.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 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.
Acts 1959, No. 148, § 342; A.S.A. 1947, § 66-3333.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 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)
.
Acts 1959, No. 148, § 343; A.S.A. 1947, § 66-3334.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 1 - GENERAL PROVISIONS (§§ 23-81-101 — 23-81-137) › Section 23-81-137 - Requirements to change designated or named beneficiary of life insurance policy or annuity contract - Prohibition

A designated or named beneficiary of a life insurance policy or annuity contract:
(1)
Can be changed according to the terms of the life insurance policy or annuity contract; and
(2)
Cannot be changed in a will.
Added by Act 2021, No. 925,§ 1, eff. 7/28/2021.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 2 - STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE (§§ 23-81-201 — 23-81-213) › Section 23-81-201 - Title

This subchapter shall be known and may be cited as the "Standard Nonforfeiture Law for Life Insurance".
Amended by Act 2015, No. 1223,§ 32, eff. 7/22/2015.
Acts 1959, No. 148, § 336; 1977, No. 550, § 1; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 2 - STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE (§§ 23-81-201 — 23-81-213) › Section 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.
Acts 1959, No. 148, § 336; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 2 - STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE (§§ 23-81-201 — 23-81-213) › Section 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.
Acts 1959, No. 148, § 336; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 2 - STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE (§§ 23-81-201 — 23-81-213) › Section 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.
Acts 1959, No. 148, § 336; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 2 - STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE (§§ 23-81-201 — 23-81-213) › Section 23-81-207 - Calculation of adjusted premiums and present values - Ordinary policies issued on or after operative date of section 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)
.
Acts 1959, No. 148, § 336; 1961, No. 466, § 5; 1965, No. 439, § 2; 1977, No. 550, § 2; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 2 - STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE (§§ 23-81-201 — 23-81-213) › Section 23-81-208 - Calculation of adjusted premiums and present values - Industrial policies issued on or after operative date of section 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.
Acts 1959, No. 148, § 336; 1965, No. 439, § 2; 1977, No. 550, § 3; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 2 - STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE (§§ 23-81-201 — 23-81-213) › Section 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.
Amended by Act 2019, No. 315,§ 2729, eff. 7/24/2019.
Acts 1959, No. 148, § 336; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 2 - STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE (§§ 23-81-201 — 23-81-213) › Section 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.
Acts 1959, No. 148, § 336; 1961, No. 466, § 6; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 2 - STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE (§§ 23-81-201 — 23-81-213) › Section 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.
Acts 1959, No. 148, § 336; 1961, No. 466, §§ 5, 7; 1965, No. 439, § 2; 1977, No. 550, § 2; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.
Arkansas Code of 1987 (2023) › Title 23 - PUBLIC UTILITIES AND REGULATED INDUSTRIES (§§ 23-1-101 — 23-119-105) › Subtitle 3 - INSURANCE (§§ 23-60-101 — 23-103-417) › Chapter 81 - LIFE INSURANCE POLICIES AND ANNUITIES (§§ 23-81-101 — 23-81-905) › Subchapter 3 - STANDARD NONFORFEITURE LAW FOR INDIVIDUAL DEFERRED ANNUITIES (§§ 23-81-301 — 23-81-313) › Section 23-81-301 - Title

This subchapter shall be known as the "Standard Nonforfeiture Law for Individual Deferred Annuities".
Acts 1981, No. 492, § 1; A.S.A. 1947, § 66-3327.1.