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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-106 - Integrity of contract and application provision

(a)
There shall be a provision that the policy shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the policy when issued, a provision that the policy and the application therefor shall constitute the entire contract.
(b)
If the application is so made a part of the contract, the policy shall also provide that, in the absence of fraud, all statements made by the applicant in such an application shall be deemed to be representations and not warranties.
Acts 1959, No. 148, § 350; A.S.A. 1947, § 66-3405.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-107 - Incontestability provision

There shall be a provision that the policy, exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means, shall be incontestable, except for nonpayment of premiums, after it has been in force during the lifetime of the insured for a period of two (2) years from its date of issue.
Acts 1959, No. 148, § 351; A.S.A. 1947, § 66-3406.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-108 - Misstatement of age provision

(a)
There shall be a provision that if it is found that the age of the individual insured or the age of any other individual considered in determining the premium has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have been had it been purchased stating the correct age.
(b)
As to overstatement of age, the policy may provide, in lieu of the provision required under subsection (a) of this section, that the insurer will refund any excess of premium collected for the amount of insurance or benefit stated in the policy, as based upon the correct age.
Acts 1959, No. 148, § 352; A.S.A. 1947, § 66-3407.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-109 - Dividend provision

(a)
If the industrial life insurance policy is a participating policy, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy. However, at the option of the insurer, the participation may be deferred to the end of the fifth policy year.
(b)
This provision shall not prohibit the payment of additional dividends on default of payment of premiums or termination of the policy.
Acts 1959, No. 148, § 353; A.S.A. 1947, § 66-3408; Acts 2001, No. 1553, § 51.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-110 - Nonforfeiture benefits and cash surrender value provisions

There shall be provisions for nonforfeiture benefits and cash surrender values as required by the Standard Nonforfeiture Law for Life Insurance, §
23-81-201
et seq.
Acts 1959, No. 148, § 354; A.S.A. 1947, § 66-3409.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-111 - Reinstatement provision

There shall be a provision that unless the policy has been surrendered for its cash surrender value or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within two (2) 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, § 355; A.S.A. 1947, § 66-3410.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-112 - Settlement provision

There shall be a provision that when the policy becomes a claim by the death of the insured, settlement shall be made upon surrender of the policy and receipt of due proof of death.
Acts 1959, No. 148, § 356; A.S.A. 1947, § 66-3411.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-113 - Authority to alter contract provision

There shall be a provision that no agent shall have the power or authority to waive, change, or alter any of the terms or conditions of any policy, except that at the option of the insurer, the terms or conditions may be changed by an endorsement or rider signed by an authorized officer of the insurer.
Acts 1959, No. 148, § 357; A.S.A. 1947, § 66-3412.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-114 - Designation of beneficiary - Payment upon insured's death

(a)
Each policy shall have a space for the name of the beneficiary designated with a reservation of the right to designate or change the beneficiary after the issuance of the policy.
(b)
(1)
The policy may also provide that no designation or change of beneficiary shall be binding on the insurer unless endorsed on the policy by the insurer and that the insurer may refuse to endorse the name of any proposed beneficiary who does not appear to the insurer to have an insurable interest in the life of the insured.
(2)
The policy may provide that the insurer may make payment thereunder to the executor or administrator of the insured, or to any of the insured's relatives by blood or legal adoption or connection by marriage, or to any person appearing to the insurer to be equitably entitled thereto by reason of having been named beneficiary or by reason of having incurred expense for the maintenance, medical attention, or burial of the insured if the beneficiary designated in the policy does not surrender the policy with due proof of death within the period stated in the policy, which shall be not less than thirty (30) days after the death of the insured, or if the beneficiary dies before the insured, or the beneficiary is the estate of the insured, a minor, or is not legally competent to give a valid release.
(3)
The policy may also include a similar provision applicable to any other payment due under the policy.
Acts 1959, No. 148, § 358; A.S.A. 1947, § 66-3413.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-115 - Direct payment of premiums provision

In the case of weekly premium policies, there may be a provision that upon proper notice to the insurer, while premiums on the policy are not in default beyond the grace period, of the intention to pay future premiums directly to the insurer at its home office or any office designated by the insurer for that purpose, the insurer will, at the end of each period of a year from the due date of the first premium so paid, for which period the premiums are so paid continuously without default beyond the grace period, refund a stated percentage of the premiums in an amount which fairly represents the savings in collection expense.
Acts 1959, No. 148, § 359; A.S.A. 1947, § 66-3414.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-116 - Conversion provision

(a)
There may be a provision in the case of industrial policies granting to the insured, upon proper written request and upon presentation of evidence of insurability satisfactory to the insurer, the privilege of converting any industrial insurance policy to any form of life insurance with less frequent premium payments regularly issued by the insurer, in accordance with terms and conditions agreed upon with the insurer.
(b)
The privilege of making the conversion need be granted only if the insurer's industrial policies on the life insured, in force as premium paying insurance and on which conversion is requested, grant benefits in event of death, exclusive of additional accidental death benefits and exclusive of any dividend additions, in an amount not less than the minimum amount of the insurance with less frequent premium payments issued by the insurer at the age of the insured on the plan of industrial or ordinary insurance desired.
Acts 1959, No. 148, § 360; A.S.A. 1947, § 66-3415.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-117 - Title required

There shall be a title on the face of each policy briefly describing its form.
Acts 1959, No. 148, § 361; A.S.A. 1947, § 66-3416.
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 82 - INDUSTRIAL LIFE INSURANCE (§§ 23-82-101 — 23-82-118) › Section 23-82-118 - Prohibited provisions

No policy of industrial life insurance shall contain any of the following provisions:
(1)
A provision by which the insurer may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same insurer;
(2)
A provision giving the insurer the right to declare the policy void because the insured has had any disease or ailment, whether specified or not, or because the insured has received institutional, hospital, medical, or surgical treatment or attention, except a provision which gives the insurer the right to declare the policy void if the insured has, within two (2) years prior to the issuance of the policy, received institutional, hospital, medical, or surgical treatment or attention and if the insured or claimant under the policy fails to show that the condition occasioning the treatment or attention was not of a serious nature or was not material to the risk; or
(3)
A provision giving the insurer the right to declare the policy void because the insured has been rejected for insurance, unless the right is conditioned upon a showing by the insurer that knowledge of the rejection would have led to a refusal by the insurer to make the contract.
Acts 1959, No. 148, § 363; A.S.A. 1947, § 66-3418.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-101 - Group contracts must meet group requirements

(a)
Except when specifically provided otherwise, "policy" as used in this chapter shall include both life insurance and annuities.
(b)
(1)
No policy shall be delivered in this state insuring the lives of more than one (1) individual with or without one (1) or more members of the family or one (1) or more dependents, or covering one (1) or more members of the family or one (1) or more dependents of the group of persons, unless to one (1) of the groups as provided for in §§
23-83-102
-
23-83-107
and unless in compliance with the other applicable provisions of this chapter.
(2)
Subdivision (b)(1) of this section shall not apply to policies:
(A)
Insuring only individuals related by blood, marriage, or legal adoption;
(B)
Insuring only individuals having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in the management thereof; or
(C)
Insuring only individuals otherwise having an insurable interest in each other's lives.
Acts 1981, No. 898, § 1; A.S.A. 1947, § 66-3501.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-102 - Employee groups

A policy issued to an employer or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, shall be subject to the following requirements:
(1)
(A)
The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any classes thereof.
(B)
The policy may provide that the term "employees" shall include the employees of one (1) or more subsidiary corporations and the employees, individual proprietors, and partners of one (1) or more affiliated corporations, proprietorships, or partnerships if the business of the employer and of the affiliated corporations, proprietorships, or partnerships is under common control.
(C)
The policy may provide that the term "employees" shall include the individual proprietor or partners if the employer is an individual proprietorship or partnership.
(D)
The policy may provide that the term "employees" shall include retired employees and directors of a corporate employer.
(E)
A policy issued to insure the employees of a public body may provide that the term "employees" shall include elected or appointed officials;
(2)
The premium for the policy shall be paid either from the employer's funds or from funds contributed by the insured employees, or from both. Except as provided in subdivision (3) of this section, a policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, except those who reject the coverage in writing; and
(3)
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
Acts 1981, No. 898, § 2; A.S.A. 1947, § 66-3502.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-103 - Labor union groups

A policy issued to a labor union or similar employer organization, which shall be deemed to be the policyholder, to insure members of the union or organization for the benefit of persons other than the union or organization or any of its officials, representatives, or agents, subject to the following requirements:
(1)
The members eligible for insurance under the policy shall be all of the members of the union or organization, or all members of any classes thereof;
(2)
(A)
The premium for the policy shall be paid either from funds of the union or from funds contributed by the insured members specifically for their insurance, or from insurance, or from both.
(B)
Except as provided in subdivision (3) of this section, a policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for their insurance must insure all eligible members, except those who reject such coverage in writing; and
(3)
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
Acts 1981, No. 898, § 3; A.S.A. 1947, § 66-3503.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-104 - Trustee groups

A policy issued to a trust or to the trustee of a fund established by two (2) or more employers, or by one (1) or more labor unions or similar employee organizations, or by one (1) or more employers and one (1) or more labor unions or similar employee organizations, which trust or trustee shall be deemed the policyholder, to insure employees of the employers or members of the unions or organizations for the benefit of persons other than the employers or the unions or organizations, subject to the following requirements:
(1)
(A)
The persons eligible for insurance shall be all of the employees of the employers or all of the members of the unions or organizations, or all of any classes thereof.
(B)
The policy may provide that the term "employees" shall include:
(i)
Retired employees, the individual proprietor or partners if an employer is an individual proprietorship or a partnership, and directors of a corporate employer; and
(ii)
The trustees or their employees, or both, if their duties are principally connected with such a trusteeship;
(2)
(A)
The premium for the policy shall be paid from funds contributed by the employer of the insured persons or by the union or similar employee organizations, or by both, or from funds contributed by the insured persons or from both the insured persons and the employer or union or similar employee organization.
(B)
Except as provided in subdivision (3) of this section, a policy on which no part of the premium is to be derived from funds contributed by the insured persons specifically for their insurance must insure all eligible persons, except those who reject such coverage in writing; and
(3)
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
Acts 1981, No. 898, § 4; A.S.A. 1947, § 66-3504.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-106 - Association groups

(a)
A policy can be issued to an association or to a trust or to the trustee or trustees of a fund established, created, or maintained for the benefit of members of one (1) or more associations.
(b)
The association shall have:
(1)
At the outset a minimum of one hundred (100) persons;
(2)
Been organized and maintained in good faith for purposes other than that of obtaining insurance;
(3)
Been in active existence for at least two (2) years; and
(4)
A constitution and bylaws which provide that:
(A)
The association hold regular meetings not less than annually to further purposes of members;
(B)
Except for credit unions, the association collect dues or solicit contributions from members; and
(C)
The members have voting privileges and representation on the governing board and committees.
(c)
The policy shall be subject to the following requirements:
(1)
The policy may insure members of the association, employees thereof, or employees of members, or one (1) or more of the preceding or all of any classes thereof for the benefit of persons other than the employee's employer;
(2)
The premium for the policy shall be paid from funds contributed by the association or by employer members, or by both, or from funds contributed by the covered persons or from both the covered persons and the association or employer members;
(3)
Except as provided in subdivision (c)(5) of this section, a policy on which no part of the premium is to be derived from funds contributed by the covered persons specifically for their insurance must insure all eligible persons, except those who reject the coverage in writing;
(4)
The Insurance Commissioner may issue regulations setting forth the disclosure requirements if a part or all of the premium for a policy issued under this section is derived from funds contributed by the covered persons for their insurance and if any compensation, including, but not limited to, dividends, premiums refunds, or retroactive rate adjustments, is received, directly or indirectly, by the policyholder, including participating associations of a trust; and
(5)
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
Acts 1981, No. 898, § 6; A.S.A. 1947, § 66-3506.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-107 - Restrictions on coverage of other groups

Group insurance offered to a resident of this state under a group policy issued to a group other than one described in §§
23-83-102
-
23-83-106
shall be subject to the following requirements:
(1)
No group policy or certificate shall be delivered in this state unless the Insurance Commissioner finds that:
(A)
The issuance of the group policy is not contrary to the best interest of the public;
(B)
The issuance of the group policy would be actuarially sound;
(C)
The issuance of the group policy would result in economies of acquisition or administration; and
(D)
The benefits are reasonable in relation to the premiums charged;
(2)
The premium for the policy shall be paid either from the policyholder's funds or from funds contributed by the covered persons, or from both;
(3)
The commissioner may issue rules implementing the requirements of subdivision (1) of this section; and
(4)
An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
Amended by Act 2019, No. 315,§ 2732, eff. 7/24/2019.
Acts 1981, No. 898, § 7; A.S.A. 1947, § 66-3507; Acts 1987, No. 254, § 1.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-108 - Restrictions on coverage of spouse and dependent children of group member

Except for a policy issued under §
23-83-105(a)
, a group policy, excluding an annuity policy, may be extended to insure the employees or members against loss due to the death of their spouses and dependent children or any classes thereof, subject to the following:
(1)
(A)
The premium for the insurance shall be paid either from funds contributed by the employer, union, association, or other person to whom the policy has been issued or from funds contributed by the covered persons, or from both.
(B)
Except as provided in subdivision (2) of this section, a policy on which no part of the premium for the spouse's and dependent child's coverage is to be derived from funds contributed by the covered persons must insure all eligible employees or members with respect to their spouses and dependent children or any class or classes thereof unless rejected in writing by the employee or member; and
(2)
An insurer may exclude or limit the coverage on any spouse or dependent child as to whom evidence of individual insurability is not satisfactory to the insurer.
Acts 1981, No. 898, § 8; A.S.A. 1947, § 66-3508; Acts 2001, No. 1382, § 9.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-109 - Provisions required in policy

(a)
No policy shall be delivered in this state unless it contains in substance the following provisions, or provisions which in the opinion of the Insurance Commissioner are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder.
(b)
However:
(1)
Provisions in §§
23-83-115
-
23-83-119
shall not apply to policies insuring the lives of debtors;
(2)
The standard provisions required for individual policies shall not apply to group policies; and
(3)
If the group policy is an annuity policy or is a life insurance policy on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision which in the opinion of the commissioner is equitable to the insured persons and to the policyholder, but nothing in this subdivision (b)(3) shall be construed to require that group policies contain the same nonforfeiture provisions as are required for individual policies.
Acts 1981, No. 898, § 9; A.S.A. 1947, § 66-3509.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-110 - Grace period for payment of premium provision

(a)
Excluding an annuity policy, the group policy shall contain a provision that the policyholder is entitled to a grace period of thirty-one (31) days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force unless the policyholder shall have given the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy.
(b)
The policy may provide that the policyholder shall be liable to the insurer for the payment of a pro rata premium for the time the policy was in force during such a grace period.
Acts 1981, No. 898, § 10; A.S.A. 1947, § 66-3510.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-111 - Incontestability provision

(a)
The group policy shall contain a provision that the validity of the policy shall not be contested, except for fraud in the procurement or nonpayment of premiums after it has been in force for two (2) years from its date of issue, and that no statement made by any person insured under the policy relating to the insured's insurability shall be used in contesting the validity of the insurance with respect to which the statement was made after the insurance has been in force prior to the contest for a period of two (2) years during the person's lifetime unless it is contained in a written instrument signed by the insured. However, at its option, the insurer may omit from the provision the phrase "except for fraud in the procurement".
(b)
However, no provision shall preclude the assertion at any time of defenses based upon provisions in the policy that relate to eligibility for coverage.
Acts 1981, No. 898, § 11; A.S.A. 1947, § 66-3511; Acts 2001, No. 1382, § 10.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-112 - Application attached to policy provision - Statements deemed representations

The group policy shall contain a provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued, that all statements made by the policyholder or by the persons insured shall be deemed representations and not warranties, and that no statement made by any person insured shall be used in any contest unless a copy of the instrument containing the statement is or has been furnished to the person or, in the event of death or incapacity of the insured person, to his or her beneficiary or personal representative.
Acts 1981, No. 898, § 12; A.S.A. 1947, § 66-3512.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-113 - Insurability provision

The group policy shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of his or her coverage.
Acts 1981, No. 898, § 13; A.S.A. 1947, § 66-3513.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-114 - Misstatement of age provision

A group policy shall contain a provision specifying an equitable adjustment of premiums or of benefits, or of both, to be made in the event the age of a person insured has been misstated. The provision shall contain a clear statement of the method of adjustment to be used.
Acts 1981, No. 898, § 14; A.S.A. 1947, § 66-3514.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-115 - Payment of benefits provision

A group policy shall contain a provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured. However, when the policy contains conditions pertaining to family status, the beneficiary may be the family member specified by the policy terms, as to all or any part of such a sum, subject to the provisions of the policy in the event there is no designated beneficiary living at the death of the person insured and subject to any right reserved by the insurer in the policy and set forth in the certificate to pay at its option a part of the sum not exceeding ten thousand dollars ($10,000) to any person appearing to the insurer to be equitably entitled thereto by reason of having incurred funeral or other expenses incident to the last illness or death of the person insured.
Acts 1981, No. 898, § 15; A.S.A. 1947, § 66-3515; Acts 2001, No. 1382, § 11.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-116 - Issuance of certificate to policyholder provision

A group policy shall contain a provision that the insurer will issue to the policyholder for delivery to each person insured a certificate setting forth a statement as to the insurance protection to which he or she is entitled, to whom the insurance benefits are payable, as to any dependent's coverage included in such a certificate, and the rights and conditions set forth in §§
23-83-117
-
23-83-120
and
23-83-122
.
Acts 1981, No. 898, § 16; A.S.A. 1947, § 66-3516.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-117 - Conversion on termination of eligibility provision

Excluding an annuity policy, a group policy shall contain a provision that if the insurance or any portion of it on a person covered under the policy or on the dependent of a person covered ceases because of termination of employment or of membership in the classes eligible for coverage under the policy, the persons shall be entitled to have issued to them by the insurer, without evidence of insurability, an individual policy of life insurance without disability or other supplementary benefits. However, an application for the individual policy shall be made by the person covered under the policy or the dependent of the covered person and the first premium paid to the insurer within thirty-one (31) days after the termination, and in addition:
(1)
At the option of the persons, the individual policy shall be on any one (1) of the forms then customarily issued by the insurer at the age and for the amount applied for, except that the group policy may exclude the option to elect term insurance;
(2)
(A)
The individual policy shall be in an amount not in excess of the amount of life insurance that ceases because of the termination, less the amount of any life insurance for which the person becomes eligible under the same or any other group policy within thirty-one (31) days after the termination.
(B)
However, any amount of insurance that shall have matured on or before the date of the termination as an endowment payable to the person insured, whether in one (1) sum or in installments or in the form of an annuity, shall not be included, for the purposes of this provision, in the amount that is considered to cease because of the termination;
(3)
The premium on the individual policy shall be at the insurer's then-customary rate applicable to the form and amount of the individual policy, to the class of risk to which the person then belongs, and to his or her age attained on the effective date of the individual policy; and
(4)
Subject to the same conditions set forth above, the conversion privilege shall be available:
(A)
To a surviving covered dependent, if any, at the death of the covered person, with respect to the coverage under the group policy that terminates by reason of the death; and
(B)
To the covered dependent of the person upon termination of coverage of the dependent, while the covered person remains insured under the group policy, by reason of the dependent's ceasing to be a qualified family member under the group policy.
Acts 1981, No. 898, § 17; A.S.A. 1947, § 66-3517; Acts 2001, No. 1382, § 12.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-118 - Conversion on termination of policy provision

(a)
Excluding an annuity policy, a group policy shall contain a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of the termination whose insurance terminates, including the insured dependent of a covered person, and who has been an insured for at least five (5) years prior to the termination date shall be entitled to have issued to him or her by the insurer an individual policy of life insurance, subject to the same conditions and limitations as are provided by §
23-83-117
.
(b)
However, the group policy may provide that the amount of the individual policy shall not exceed the smaller of:
(1)
The amount of the person's life insurance protection ceasing because of the termination or amendment of the group policy, less the amount of any life insurance for which he or she is or becomes eligible under a group policy issued or reinstated by the same or another insurer within thirty-one (31) days after the termination; or
(2)
Ten thousand dollars ($10,000).
Acts 1981, No. 898, § 18; A.S.A. 1947, § 66-3518.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-119 - Death pending conversion provision

Excluding an annuity policy, a group policy shall contain a provision that if a person insured under the group policy, or the insured dependent of a covered person, dies during the period within which the individual would have been entitled to have an individual policy issued to him or her in accordance with §§
23-83-117
and
23-83-118
and before the individual policy shall have become effective, the amount of life insurance which he or she would have been entitled to have issued to him or her under the individual policy shall be payable as a claim under the group policy, whether or not application for the individual policy or the payment of the first premium therefor has been made.
Acts 1981, No. 898, § 19; A.S.A. 1947, § 66-3519.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-120 - Continuation of coverage during insured's total disability provision

(a)
Excluding an annuity policy, a group policy shall contain a provision that when active employment is a condition of insurance, a provision that an insured may continue coverage during the insured's total disability by timely payment to the policyholder of that portion, if any, of the premium that would have been required from the insured had total disability not occurred.
(b)
The continuation shall be on a premium-paying basis for a period of six (6) months from the date on which the total disability started, but not beyond the earlier of approval by the insurer of continuation of the coverage under any disability provision which the group insurance policy may contain or the discontinuance of the group insurance policy.
Acts 1981, No. 898, § 20; A.S.A. 1947, § 66-3520.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-121 - Delivery of certificate of insurance to insured debtors provision

In the case of a policy insuring the lives of debtors, a provision that the insurer will furnish to the policyholder for delivery to each debtor insured under the policy a certificate of insurance describing the coverage and specifying that the death benefit shall first be applied to reduce or extinguish the indebtedness shall be included.
Acts 1981, No. 898, § 21; A.S.A. 1947, § 66-3521.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-122 - Notice as to conversion right

(a)
If any individual insured under a group policy, excluding an annuity policy, hereafter delivered in this state becomes entitled under the terms of the policy to have an individual policy of life insurance issued to him or her without evidence of insurability, subject to making of application and payment of the first premium by the individual within the period specified in the policy and if the individual is not given notice of the existence of the right at least fifteen (15) days prior to the expiration date of the period, then the individual shall have an additional period within which to exercise that right. Nothing in this subsection shall be construed to continue any insurance beyond the period provided in the policy.
(b)
Written notice presented to the individual or mailed by the policyholder to the last known address of the individual or mailed by the insurer to the last known address of the individual as furnished by the policyholder shall constitute notice for the purpose of this section.
Acts 1981, No. 898, § 22; A.S.A. 1947, § 66-3522; Acts 2001, No. 1382, § 13.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-123 - Group insurance on Arkansas residents placed in authorized insurers

(a)
All group life, annuity, and accident and health insurance placed by an employer on employees who are residents of this state shall be placed by the employer with an insurer authorized to transact insurance in this state.
(b)
This section shall not apply to group insurance lawfully placed in an authorized insurer as a surplus line under §
23-65-101
et seq.
Acts 1981, No. 898, § 23; A.S.A. 1947, § 66-3523; Acts 2007, No. 496, § 16.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-124 - Group insurance in unauthorized insurer

(a)
Any employer in this state withholding or collecting any money from employees who are residents of this state for any group life, annuity, or accident and health insurance placed with an unauthorized insurer in violation of §
23-83-123
shall be deemed to be the agent of the insurer for the purpose of service of process in any action brought by any employee on the insurance contract.
(b)
If the employee is unable to collect a judgment entered in an action against the unauthorized insurer, then the employer referred to in subsection (a) of this section shall be liable for the judgment.
(c)
An unauthorized insurer shall be deemed to be doing business in this state for the purpose of service of process in any action.
(d)
This section shall not apply to group insurance lawfully placed in an insurer as a surplus line under §
23-65-101
et seq.
Acts 1981, No. 898, § 24; A.S.A. 1947, § 66-3524; Acts 2001, No. 1382, § 14; 2007, No. 496, § 17.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-125 - Assignment of rights or incidents of ownership

Nothing in §§
23-83-101
-
23-83-124
shall prohibit a person who is insured under any group policy from making an assignment or otherwise disposing of all or any part of his or her rights or incidents of ownership under the policy.
Acts 1981, No. 898, § 25; A.S.A. 1947, § 66-3525; Acts 2001, No. 1382, § 15.
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 83 - GROUP LIFE INSURANCE AND ANNUITIES (§§ 23-83-101 — 23-83-127) › Section 23-83-126 - Assignment of rights not to prejudice insurer

Subject to the terms of the group policy relating to assignment of rights or incidents of ownership thereunder, an assignment by the insured, whether made before or after June 17, 1981, shall vest in the assignee all of such rights or incidents of ownership so assigned in accordance with any provisions of the assignment as to the effective date thereof, but the assignment shall be without prejudice to the insurer on account of any payment it may make or individual policy it may issue prior to receipt of notice of the assignment.
Acts 1981, No. 898, § 26; A.S.A. 1947, § 66-3526.
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 84 - STANDARD VALUATION LAW FOR LIFE INSURANCE AND ANNUITIES (§§ 23-84-101 — 23-84-119) › Section 23-84-102 - Valuation of reserves by Insurance Commissioner

(a)
Except as provided in subdivision (a)(4) of this section, for a policy or contract issued before the operative date of the valuation manual:
(1)
(A)
The Insurance Commissioner shall annually value, or cause to be valued, the reserves for all outstanding life insurance issued by a company on or after January 1, 1960, and before the operative date of the valuation manual.
(B)
In calculating the reserves, the commissioner may use group methods and approximate averages for fractions of a year or otherwise;
(2)
In lieu of the valuation of the reserves required by this section of any foreign or alien insurer, the commissioner may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when that valuation complies with the minimum standard provided in this section;
(3)
(A)
Sections
23-84-103
-
23-84-111
,
23-84-113
, and
23-84-114
apply to a policy or contract issued on or after January 1, 1960, and before the operative date of the valuation manual.
(B)
Sections
23-84-115
and
23-84-116
do not apply to a policy or contract issued on or after January 1, 1960, and before the operative date of the valuation manual; and
(4)
The minimum standard for the valuation of a policy or contract issued before January 1, 1960, is the minimum standard in effect immediately before January 1, 1960.
(b)
With regard to a policy or contract issued on or after the operative date of the valuation manual:
(1)
(A)
The commissioner shall annually value or cause to be valued the reserves for all outstanding policies or contracts of a company issued on or after the operative date of the valuation manual.
(B)
In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept a valuation made or caused to be made by the public official or regulatory authority responsible for regulating insurance companies of another state or jurisdiction if the valuation complies with the minimum standard provided by this chapter; and
(2)
Sections
23-84-114
-
23-84-116
shall apply.
Amended by Act 2015, No. 1223,§ 36, eff. 7/22/2015.
Acts 1959, No. 148, § 92; 1977, No. 551, § 1; 1981, No. 535, § 1; A.S.A. 1947, § 66-2511.
See Act 2015, No. 1223, § 26.
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 84 - STANDARD VALUATION LAW FOR LIFE INSURANCE AND ANNUITIES (§§ 23-84-101 — 23-84-119) › Section 23-84-107 - Calculation of reserves - Certain annuity and pure endowment contracts

(a)
This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts 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.
(b)
(1)
Reserves according to the Insurance Commissioner's annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the contract, that become payable prior to the end of the respective contract year.
(2)
The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rates specified in the contracts for determining guaranteed benefits.
(3)
The valuation considerations are the portions of the respective gross considerations applied under the terms of the contracts to determine nonforfeiture values.
Acts 1959, No. 148, § 92; 1961, No. 466, § 2; 1977, No. 551, § 3; 1981, No. 535, § 1; A.S.A. 1947, § 66-2511.