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 84 - STANDARD VALUATION LAW FOR LIFE INSURANCE AND ANNUITIES (§§ 23-84-101 — 23-84-119) › Section 23-84-108 - Calculation of reserves - Minimum aggregate reserves for certain life insurance policies

(a)
In no event shall an insurer's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after June 17, 1981, be less than the aggregate reserves calculated in accordance with the methods set forth in §§
23-84-106
,
23-84-107
,
23-84-110
, and
23-84-111
, and the mortality tables and rates of interest used in calculating nonforfeiture benefits for the policies.
(b)
In no event shall the aggregate reserves for all policies, contracts, and benefits be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by §
23-84-112
.
Amended by Act 2015, No. 1223,§ 41, eff. 7/22/2015.
Acts 1959, No. 148, § 92; 1977, No. 551, § 4; 1981, No. 535, § 1; A.S.A. 1947, § 66-2511; Acts 1995, No. 1272, § 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 84 - STANDARD VALUATION LAW FOR LIFE INSURANCE AND ANNUITIES (§§ 23-84-101 — 23-84-119) › Section 23-84-109 - Calculation of reserves - Standards of valuation

(a)
Reserves for policies and contracts issued before January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for all the policies and contracts than the minimum reserves required by the laws in effect immediately prior to the date.
(b)
Reserves for any category of policies, contracts, or benefits as established by the Insurance Commissioner which are issued on or after January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this chapter, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts.
(c)
(1)
Any insurer which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this chapter may adopt, with the approval of the commissioner, any lower standard of valuation, but not lower than the minimum provided in this chapter.
(2)
However, for the purposes of this chapter, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by §
23-84-112
shall not be deemed to be the adoption of a higher standard of valuation.
Amended by Act 2015, No. 1223,§ 42, eff. 7/22/2015.
Acts 1959, No. 148, § 92; 1977, No. 551, § 5; 1981, No. 535, § 1; A.S.A. 1947, § 66-2511; Acts 1995, No. 1272, § 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 84 - STANDARD VALUATION LAW FOR LIFE INSURANCE AND ANNUITIES (§§ 23-84-101 — 23-84-119) › Section 23-84-110 - Calculation of reserves - Certain life insurance policies and contracts

(a)
If in any contract year the gross premium charged by a company on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon, but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the policy or contract shall be the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for the policy or contract, or the reserve calculated by the method actually used for the policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section are those standards stated in §§
23-84-103
and
23-84-104
.
(b)
(1)
However, for any life insurance policy issued on or after January 1, 1985, for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for the excess and which provides an endowment benefit or a cash surrender value, or a combination thereof, in an amount greater than the excess premium, the provisions of subsection (a) of this section shall be applied as if the method actually used in calculating the reserve for the policy was the method described in §
23-84-106
, ignoring §
23-84-106(b)
.
(2)
The minimum reserve at each policy anniversary of the policy shall be the greater of the minimum reserve calculated in accordance with §
23-84-106
, including §
23-84-106(b)
, and the minimum reserve calculated in accordance with this section.
Amended by Act 2015, No. 1223,§ 43, eff. 7/22/2015.
Acts 1959, No. 148, § 92; 1977, No. 551, § 6; 1981, No. 535, § 1; A.S.A. 1947, § 66-2511.
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 23-84-111 - Calculation of reserves - Future premium determinations by life insurers

(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 or annuity which is of such a nature that the minimum reserves cannot be determined by the methods described in §§
23-84-106
,
23-84-107
, and
23-84-110
, the reserves which are held under any such plan must be:
(1)
Appropriate in relation to the benefits and the pattern of premiums for that plan; and
(2)
Computed by a method which is consistent with the principles of this chapter, as determined by rules promulgated by the Insurance Commissioner.
(b)
Notwithstanding any other provisions in the law of this 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,§ 2737, eff. 7/24/2019.
Acts 1959, No. 148, § 92; 1981, No. 535, § 1; A.S.A. 1947, § 66-2511.
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 23-84-113 - Rules

The Insurance Commissioner shall have the authority to promulgate reasonable rules as may be appropriate to carry out the purposes and provisions of this chapter.
Amended by Act 2019, No. 315,§ 2741, eff. 7/24/2019.
Acts 1995, No. 1272, § 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 84 - STANDARD VALUATION LAW FOR LIFE INSURANCE AND ANNUITIES (§§ 23-84-101 — 23-84-119) › Section 23-84-114 - Minimum standard for accident and health insurance

(a)
The Insurance Commissioner shall promulgate rules containing the minimum standards that apply to the valuation of accident and health insurance issued on or after January 1, 1960, but before the operative date of the valuation manual.
(b)
For accident and health insurance issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under §
23-84-102(b)
.
Added by Act 2015, No. 1223,§ 45, eff. 7/22/2015.
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 23-84-116 - Requirements of principle-based valuation

(a)
A company shall establish reserves for a policy or contract using a principle-based valuation as specified in the valuation manual that:
(1)
(A)
Quantifies the benefits and guarantees and the funding associated with the policy or contract and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the policy or contract.
(B)
For a policy or contract with significant tail risk, the principle-based valuation shall reflect conditions appropriately adverse to quantify the tail risk;
(2)
Incorporates assumptions, risk analysis methods, financial models, and management techniques that are consistent with, but not necessarily identical to, those utilized within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods;
(3)
Incorporates assumptions that are:
(A)
Prescribed by the valuation manual; or
(B)
For assumptions that are not prescribed by the valuation manual:
(i)
Established utilizing the company's available experience to the extent it is relevant and statistically credible; and
(ii)
To the extent that company data is not available, relevant, or statistically credible, established utilizing other relevant, statistically credible experience; and
(4)
Provides margins for uncertainty, including adverse deviation and estimation error, such that the greater the uncertainty, the larger the margin and resulting reserve.
(b)
A company using a principle-based valuation for one (1) or more policies or contracts subject to this section as specified in the valuation manual shall:
(1)
Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;
(2)
(A)
Provide to the Insurance Commissioner and its board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation.
(B)
The controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to the principle-based valuation are included in the valuation and that valuations are made in accordance with the valuation manual.
(C)
The annual certification shall be based on the controls in place as of the end of the preceding calendar year; and
(3)
Develop and file with the commissioner upon request a principle-based valuation report that complies with the standards prescribed in the valuation manual.
(c)
A principle-based valuation may include a prescribed formulaic reserve component.
Added by Act 2015, No. 1223,§ 45, eff. 7/22/2015.
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 23-84-117 - Experience reporting

For a policy or contract in force on or after the operative date of the valuation manual, a company shall submit mortality, morbidity, policyholder behavior, or expense and other data as prescribed in the valuation manual.
Added by Act 2015, No. 1223,§ 45, eff. 7/22/2015.
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 23-84-119 - Single-state exemption

(a)
The Insurance Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in this state from the requirements of §§
23-84-115
-
23-84-117
if:
(1)
The commissioner has issued a written exemption to the company and has not subsequently revoked the exemption in writing; and
(2)
The company computes reserves using assumptions and methods used before the operative date of the valuation manual in addition to any requirements established by the commissioner.
(b)
If a company is granted an exemption under subsection (a) of this section:
(1)
Sections
23-84-103
-
23-84-114
apply to the company; and
(2)
Any reference to §
23-84-115
found in §§
23-84-103
-
23-84-112
and
23-84-114
do not apply to the company.
Amended by Act 2023, No. 469,§ 13, eff. 8/1/2023.
Added by Act 2015, No. 1223,§ 45, eff. 7/22/2015.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-101 - Franchise plan - Definition

(a)
Accident and health insurance on a franchise plan is declared to be that form of accident and health insurance issued to:
(1)
Five (5) or more employees of any corporation, copartnership, or individual employer or any governmental corporation, agency, or department thereof; or
(2)
Ten (10) or more members, employees, or employees of members of any trade or professional association or of a labor union or of any other association having had an active existence for at least two (2) years when:
(A)
The association or union has a constitution or bylaws and is formed in good faith for purposes other than that of obtaining insurance; and
(B)
Such persons, with or without their dependents, are issued the same form of an individual policy varying only as to amounts and kinds of coverage applied for by the persons under an arrangement whereby the premiums on the policies may be paid to the insurer periodically by:
(i)
The employer, with or without payroll deductions;
(ii)
The association for its members; or
(iii)
Some designated person acting on behalf of the employer or association or union.
(b)
As used in this section, the term "employees" may be deemed to include officers, managers, and employees and retired employees of the employer and the individual proprietor or partners if the employer is an individual proprietor or partnership.
Acts 1959, No. 148, § 418; A.S.A. 1947, § 66-3633; Acts 2001, No. 909, § 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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-102 - Scope

This chapter governs accident and health insurance policies issued to individuals and members of their families. Nothing in this section and §§
23-85-101
,
23-85-103
-
23-85-134
,
23-85-136
, and
23-85-137
shall apply to or affect:
(1)
Any policy of liability or workers' compensation insurance with or without supplementary expense coverage therein;
(2)
Any group or blanket policy;
(3)
Life insurance, endowment, or annuity contracts, or contracts supplemental thereto, that contain only such provisions relating to accident and health insurance as:
(A)
Provide additional benefits in case of death, dismemberment, or loss of sight by accident; or
(B)
Operate to safeguard the contracts against lapse or to give a special surrender value or special benefit or an annuity in the event that the insured or annuitant becomes totally and permanently disabled, as defined by the contract or supplemental contract; and
(4)
Reinsurance.
Acts 1959, No. 148, § 386; A.S.A. 1947, § 66-3601; Acts 2001, No. 909, § 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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-103 - Third party ownership

The word "insured" as used in this section and §§
23-85-101
,
23-85-102
, and
23-85-104
-
23-85-131
shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits, and rights provided therein.
Acts 1959, No. 148, § 414; A.S.A. 1947, § 66-3629.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-104 - Form of policy

No policy of accident and health insurance shall be delivered or issued for delivery to any person in this state unless it otherwise complies with this code and complies with the following:
(1)
The entire money and other considerations for the policy shall be expressed in the policy;
(2)
The time when the insurance takes effect and terminates shall be expressed in the policy;
(3)
It shall purport to insure only one (1) person, except that a policy may insure, originally or by subsequent amendment, upon the application of an adult member of a family who shall be deemed the policyholder, any two (2) or more eligible members of that family, including husband, wife, or any other person dependent upon the policyholder;
(4)
(A)
The style, arrangement, and overall appearance of the policy shall give no undue prominence to any portion of the text.
(B)
In printed forms, every portion of the text of the policy and of any endorsements or attached papers shall be plainly printed in light-faced type of a style in general use, the size of which shall be uniform and not less than 10-point type with a lower case unspaced alphabet length not less than one hundred twenty (120) points.
(C)
The appearance of text in forms developed for electronic transmission shall comply with rules developed by the Insurance Commissioner.
(D)
The text shall include all printed matter, except the name and address of the insurer, name or title of the policy, the brief description, if any, and captions and subcaptions;
(5)
The exceptions and reductions of indemnity shall be set forth in the policy and, other than those contained in §§
23-85-106
-
23-85-126
and
23-85-128
, shall be printed, at the insurer's option, either included with the benefit provision to which they apply, or under an appropriate caption such as "Exceptions", or "Exceptions and Reductions", except that if an exception or reduction specifically applies only to a particular benefit of the policy, a statement of the exception or reduction shall be included with the benefit provision to which it applies;
(6)
Each form, including riders and endorsements, shall be identified by a form number in the lower left-hand corner of the first page; and
(7)
The policy shall contain no provision purporting to make any portion of the charter, rules, constitution, or bylaws of the insurer a part of the policy unless the portion is set forth in full in the policy, except in the case of the incorporation of, or reference to, a statement of rates or classification of risk or a short-rate table filed with the commissioner.
Amended by Act 2019, No. 315,§ 2742, eff. 7/24/2019.
Acts 1959, No. 148, § 387; 1967, No. 418, § 1; 1969, No. 263, § 1; A.S.A. 1947, § 66-3602; Acts 2001, No. 909, § 4.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-105 - Required provisions

(a)
(1)
Except as provided in subsection (b) of this section, each accident and health policy delivered or issued for delivery to any person in this state shall contain the provisions specified in §§
23-85-106
-
23-85-117
in the words in which the provisions appear.
(2)
However, the insurer, at its option, may substitute for one (1) or more of the provisions, corresponding provisions of different wording approved by the Insurance Commissioner that are, in each instance, not less favorable in any respect to the insured or the beneficiary. Each provision shall be preceded individually by the applicable caption shown, or at the option of the insurer, by the appropriate individual or group captions or subcaptions as the commissioner may approve.
(3)
For the purpose of protecting the public against misrepresentations and misleading representations regarding the benefits provided in any policy of accident and health insurance, the commissioner is directed to prescribe minimum benefit provisions that shall be included in and made a part of every policy of accident and health insurance sold or offered for sale in this state.
(b)
If any provision is in whole or in part inapplicable to or inconsistent with the coverage provided by a particular form of policy, the insurer, with the approval of the commissioner, shall omit from the policy any inapplicable provision or part of a provision and shall modify any inconsistent provision or part of a provision in such manner as to make the provisions, as contained in the policy, consistent with the coverage provided by the policy.
Acts 1959, No. 148, § 388; A.S.A. 1947, § 66-3603; Acts 2001, No. 909, § 5.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-106 - Entire contract and changes provision

There shall be a provision as follows:
"Entire Contract; Changes: This policy, including the endorsements and the attached papers, if any, constitutes the entire contract of insurance. No change in this policy shall be valid until approved by an executive officer of the insurer and unless such approval be endorsed hereon or attached hereto. No agent has authority to change this policy or to waive any of its provisions."
Acts 1959, No. 148, § 389; A.S.A. 1947, § 66-3604.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-107 - Time limit on certain defenses provision

(a)
There shall be a provision as follows:
"Time Limit on Certain Defenses:
(1)
After three (3) years from the date of issue of this policy, no misstatements, except fraudulent misstatements, made by the applicant in the application for such policy shall be used to void the policy or to deny a claim for loss incurred or disability as defined in the policy commencing after the expiration of such three-year period.
(2)
" No claim for loss incurred or disability, as defined in the policy, commencing after three (3) years from the date of issue of this policy shall be reduced or denied on the ground that a disease or physical condition not excluded from coverage by name or specific description effective on the date of loss had existed prior to the effective date of coverage of this policy."
(b)
Provision number one (1) as stated in subsection (a) of this section shall not be so construed as to affect any legal requirement for avoidance of a policy or denial of a claim during the initial three-year period, nor to limit the application of §§
23-85-119
-
23-85-121
in the event of misstatement with respect to age or occupation or other insurance.
(c)
A policy which the insured has the right to continue in force subject to its terms by the timely payment of premium until at least fifty (50) years of age or, in the case of a policy issued after forty-four (44) years of age, for at least five (5) years from its date of issue, may contain in lieu of the foregoing the following provision, from which the clause in parentheses may be omitted at the insurer's option, under the caption "Incontestable":
"After this policy has been in force for a period of three (3) years during the lifetime of the insured (excluding any period during which the insured is disabled), it shall become incontestable as to the statements contained in the application."
Acts 1959, No. 148, § 390; A.S.A. 1947, § 66-3605.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-108 - Grace period provision

(a)
There shall be a provision as follows:
"Grace Period: A grace period of ............... (insert a number not less than seven (7) for weekly premium policies, ten (10) for monthly premium policies and thirty-one (31) for all other policies) days will be granted for the payment of each premium falling due after the first premium, during which grace period the policy shall continue in force."
(b)
A policy in which the insurer reserves the right to refuse renewal shall have, at the beginning of the provision set forth in subsection (a) of this section:
"Unless, not less than thirty (30) days prior to the premium due date, the insurer has delivered to the insured or has mailed to his last address as shown by the records of the insurer written notice of its intention not to renew this policy beyond the period for which the premium has been accepted."
Acts 1959, No. 148, § 391; A.S.A. 1947, § 66-3606.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-109 - Reinstatement provision

(a)
There shall be a provision as follows:
"Reinstatement: If any renewal premium is not paid within the time granted the insured for payment, a subsequent acceptance of premium by the insurer or by any agent authorized by the insurer to accept such premium, without requiring in connection therewith an application for reinstatement, shall reinstate the policy; provided, however, that if the insurer or such agent requires an application for reinstatement and issues a conditional receipt for the premium tendered, the policy will be reinstated upon approval of such application by the insurer or, lacking such approval, upon the forty-fifth day following the date of such conditional receipt unless the insurer has previously notified the insured in writing of its disapproval of such application. The reinstated policy shall cover only loss resulting from such accidental injury as may be sustained after the date of reinstatement and loss due to such sickness as may begin more than ten (10) days after such date. In all other respects, the insured and insurer shall have the same rights thereunder as they had under the policy immediately before the due date of the defaulted premium, subject to any provisions endorsed hereon or attached hereto in connection with the reinstatement. Any premium accepted in connection with a reinstatement shall be applied to a period for which premium has not been previously paid, but not to any period more than sixty (60) days prior to the date of reinstatement."
(b)
The last sentence of the provision set forth in subsection (a) of this section may be omitted from any policy which the insured has the right to continue in force subject to its terms by the timely payment of premiums:
(1)
Until at least fifty (50) years of age; or
(2)
In the case of a policy issued after forty-four (44) years of age, for at least five (5) years from its date of issue.
Acts 1959, No. 148, § 392; A.S.A. 1947, § 66-3607.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-110 - Notice of claim provision

(a)
There shall be a provision as follows:
"Notice of Claim: Written notice of claim must be given to the insurer within twenty (20) days after the occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible. Notice given by or on behalf of the insured or the beneficiary to the insurer at ............... (insert the location of such office as the insurer may designate for the purpose), or to any authorized agent of the insurer, with information sufficient to identify the insured, shall be deemed notice to the insurer."
(b)
In a policy providing a loss-of-time benefit which may be payable for at least two (2) years, an insurer may at its option insert the following between the first and second sentences of the provision set forth in subsection (a) of this section:
"Subject to the qualifications set forth below, if the insured suffers loss of time on account of disability for which indemnity may be payable for at least two (2) years, he shall, at least once in every six (6) months after having given notice of the claim, give to the insurer notice of continuance of the disability, except in the event of legal incapacity. The period of six (6) months following any filing of proof by the insured or any payment by the insurer on account of such claim or any denial of liability in whole or in part by the insurer shall be excluded in applying this provision. Delay in the giving of such notice shall not impair the insured's right to any indemnity which would otherwise have accrued during the period of six (6) months preceding the date on which such notice is actually given."
Acts 1959, No. 148, § 393; A.S.A. 1947, § 66-3608.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-111 - Claim forms provision

There shall be a provision as follows:
"Claim Forms: The insurer, upon receipt of a notice of claim, will furnish to the claimant such forms as are usually furnished by it for filing proofs of loss. If such forms are not furnished within fifteen (15) days after the giving of such notice the claimant shall be deemed to have complied with the requirements of this policy as to proof of loss upon submitting, within the time fixed in the policy for filing proofs of loss, written proof covering the occurrence, the character, and the extent of the loss for which claim is made."
Acts 1959, No. 148, § 394; A.S.A. 1947, § 66-3609.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-112 - Proofs of loss provision

There shall be a provision as follows:
"Proofs of Loss: Written proof of loss must be furnished to the insurer at its said office in case of claim for loss for which this policy provides any periodic payment contingent upon continuing loss within ninety (90) days after the termination of the period for which the insurer is liable and in case of claim for any other loss within ninety (90) days after the date of such loss. Failure to furnish such proof within the time required shall not invalidate nor reduce any claim if it was not reasonably possible to give proof within such time, provided such proof is furnished as soon as reasonably possible and in no event, except in the absence of legal capacity, later than one (1) year from the time proof is otherwise required."
Acts 1959, No. 148, § 395; A.S.A. 1947, § 66-3610.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-113 - Time of payment of claims provision

There shall be a provision as follows:
"Time of Payment of Claims: Indemnities payable under this policy for any loss, other than loss for which this policy provides any periodic payment, will be paid immediately upon receipt of due written proof of such loss. Subject to due written proof of loss, all accrued indemnities for loss for which this policy provides periodic payment will be paid ............... (insert period for payment which must not be less frequently than monthly) and any balance remaining unpaid upon the termination of liability will be paid immediately upon receipt of due written proof."
Acts 1959, No. 148, § 396; A.S.A. 1947, § 66-3611.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-114 - Payment of claims provision

(a)
There shall be a provision as follows:
"Payment of Claims: Indemnity for loss of life will be payable in accordance with the beneficiary designation and the provisions respecting such payment which may be prescribed herein and effective at the time of payment. If no such designation or provision is then effective, such indemnity shall be payable to the estate of the insured. Any other accrued indemnities unpaid at the insured's death may, at the option of the insurer, be paid either to such beneficiary or to such estate. All other indemnities will be payable to the insured."
(b)
The following provisions, or either of them, may be included with the foregoing provision at the option of the insurer:
(1)
"If any indemnity of this policy shall be payable to the estate of the insured, or to an insured or beneficiary who is a minor or otherwise not competent to give a valid release, the insurer may pay such indemnity, up to an amount not exceeding $............... (insert an amount which shall not exceed one thousand dollars ($1,000)), to any relative by blood or connection by marriage of the insured or beneficiary who is deemed by the insurer to be equitably entitled thereto. Any payment made by the insurer in good faith pursuant to this provision shall fully discharge the insurer to the extent of payment."
(2)
"Subject to any written direction of the insured in the application or otherwise, all or a portion of any indemnities provided by this policy on account of hospital, nursing, medical, or surgical services may be paid, at the insurer's option and unless the insured requests otherwise in writing not later than the time of filing proofs of such loss, directly to the hospital or person rendering such services, but it is not required that the service be rendered by a particular hospital or person."
Acts 1959, No. 148, § 397; A.S.A. 1947, § 66-3612.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-115 - Physical examination and autopsy provision

There shall be a provision as follows:
"Physical Examinations and Autopsy: The insurer at its own expense shall have the right and opportunity to examine the person of the insured when and as often as it may reasonably require during the pendency of a claim hereunder and to make an autopsy in case of death where it is not forbidden by law."
Acts 1959, No. 148, § 398; A.S.A. 1947, § 66-3613.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-116 - Legal actions provision

There shall be a provision as follows:
"Legal Actions: No action at law or in equity shall be brought to recover on this policy prior to the expiration of sixty (60) days after written proof of loss has been furnished in accordance with the requirements of this policy. No such action shall be brought after the expiration of three (3) years after the time written proof of loss is required to be furnished."
Acts 1959, No. 148, § 399; A.S.A. 1947, § 66-3614.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-117 - Change of beneficiary provision

(a)
There shall be a provision as follows:
"Change of Beneficiary: Unless the insured makes an irrevocable designation of beneficiary, the right to change a beneficiary is reserved to the insured and the consent of the beneficiary or beneficiaries shall not be requisite to surrender or assignment of this policy or to any change of beneficiary or beneficiaries, or to any other changes in this policy."
(b)
The first clause of the provision set forth in subsection (a) of this section, relating to the irrevocable designation of beneficiary, may be omitted at the insurer's option.
Acts 1959, No. 148, § 400; A.S.A. 1947, § 66-3615.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-118 - Optional policy provisions

(a)
Except as provided in §
23-85-105(b)
, no policy delivered or issued for delivery to any person in this state shall contain provisions respecting the matters set forth in this section and §§
23-85-119
-
23-85-126
, unless the provisions are in the words in which the provisions appear in the applicable section, except that the insurer may, at its option, use in lieu of the provision a corresponding provision of different wording approved by the Insurance Commissioner which is not less favorable in any respect to the insured or the beneficiary.
(b)
The provision contained in the policy shall be preceded individually by the appropriate caption or, at the option of the insurer, by such appropriate individual or group captions or subcaptions as the commissioner may approve.
Acts 1959, No. 148, § 401; A.S.A. 1947, § 66-3616.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-119 - Optional change of occupation provision

There may be a provision as follows:
"Change of Occupation: If the insured is injured or contracts sickness after having changed his occupation to one classified by the insurer as more hazardous than that stated in this policy or while doing for compensation anything pertaining to an occupation so classified, the insurer will pay only such portion of the indemnities provided in this policy as the premium paid would have purchased at the rates and within the limits fixed by the insurer for such more hazardous occupation. If the insured changes his occupation to one classified by the insurer as less hazardous than that stated in this policy, the insurer, upon receipt of proof of such change of occupation, will reduce the premium rate accordingly, and will return the excess pro rata unearned premium from the date of change of occupation or from the policy anniversary date immediately preceding receipt of such proof, whichever is the more recent. In applying this provision, the classification of occupational risk and the premium rates shall be such as have been last filed by the insurer, prior to the occurrence of the loss for which the insurer is liable or prior to date of proof of change in occupation, with the state official having supervision of insurance in the state where the insured resided at the time this policy was issued; but if such filing was not required, then the classification of occupational risk and the premium rates shall be those last made effective by the insurer in such state prior to the occurrence of the loss or prior to the date of proof of change in occupation."
Acts 1959, No. 148, § 402; A.S.A. 1947, § 66-3617.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-120 - Optional misstatement of age provision

There may be a provision as follows:
"Misstatement of Age: If the age of the insured has been misstated, all amounts payable under this policy shall be such as the premium paid would have purchased at the correct age."
Acts 1959, No. 148, § 403; A.S.A. 1947, § 66-3618.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-121 - Optional other insurance in this insurer provision

(a)
There may be a provision as follows:
"Other Insurance in This Insurer: If an accident or sickness or accident and sickness policy or policies previously issued by the insurer to the insured is in force concurrently herewith, making the aggregate indemnity for ...............(insert type of coverage or coverages) in excess of $............... (insert maximum limit of indemnity or indemnities) the excess insurance shall be void and all premiums paid for such excess shall be returned to the insured or to his estate."
(b)
In lieu of the provision in subsection (a) of this section, there may be a provision as follows:
"Insurance effective at any one (1) time on the insured under a like policy or policies in this insurer is limited to the one (1) such policy elected by the insured, his beneficiary or his estate, as the case may be, and the insurer will return all premiums paid for all other such policies."
Acts 1959, No. 148, § 404; A.S.A. 1947, § 66-3619.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-122 - Optional relation of earnings to insurance provision

(a)
There may be a provision as follows:
"Relation of Earnings to Insurance: If the total monthly amount of loss of time benefits promised for the same loss under all valid loss of time coverage upon the insured, whether payable on a weekly or monthly basis, shall exceed the monthly earnings of the insured at the time disability commenced or his average monthly earnings for the period of two (2) years immediately preceding a disability for which claim is made, whichever is the greater, the insurer will be liable only for such proportionate amount of such benefits under this policy as the amount of such monthly earnings or such average monthly earnings of the insured bears to the total amount of monthly benefits for the same loss under all such coverage upon the insured at the time such disability commences and for the return of such part of the premiums paid during such two (2) years as shall exceed the pro rata amount of the premiums for the benefits actually paid hereunder; but this shall not operate to reduce the total monthly amount of benefits payable under all such coverage upon the insured below the sum of two hundred dollars ($200) or the sum of the monthly benefits specified in such coverages, whichever is the lesser, nor shall it operate to reduce benefits other than those payable for loss of time."
(b)
(1)
The policy provision in subsection (a) of this section may be inserted only in a policy which the insured has the right to continue in force subject to its terms by the timely payment of premiums until at least fifty (50) years of age, or in the case of a policy issued after forty-four (44) years of age, for at least five (5) years from its date of issue.
(2)
At its option, the insurer may include in this provision a definition of "valid loss of time coverage", approved as to form by the Insurance Commissioner, which shall be limited in subject matter to coverage provided by governmental agencies or by organizations subject to regulation by insurance law or by insurance authorities of this or any other state of the United States or any province of Canada, or to any other coverage, the inclusion of which may be approved by the commissioner or any combination of such coverages.
(3)
In the absence of the definition, this term shall not include any coverage provided for the insured pursuant to any compulsory benefit statute, including any workers' compensation or employer's liability statute, or benefits provided by union welfare plans or by employer or employee benefit organizations.
Acts 1959, No. 148, § 407; A.S.A. 1947, § 66-3622.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-123 - Optional unpaid premiums provision

There may be a provision as follows:
"Unpaid Premiums: Upon the payment of a claim under this policy, any premium then due and unpaid or covered by any note or written order may be deducted therefrom."
Acts 1959, No. 148, § 408; A.S.A. 1947, § 66-3623.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-124 - Optional conformity with state statutes provision

There may be a provision as follows:
"Conformity with State Statutes: Any provision of this policy which, on its effective date, is in conflict with the statutes of the state, District of Columbia, or territory in which the insured resides on such date is amended to conform to the minimum requirements of such statutes."
Acts 1959, No. 148, § 409; A.S.A. 1947, § 66-3624.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-125 - Optional illegal occupation provision

There may be a provision as follows:
"Illegal Occupation: The insurer shall not be liable for any loss to which a contributing cause was the insured's commission of or attempt to commit a felony or to which a contributing cause was the insured's being engaged in an illegal occupation."
Acts 1959, No. 148, § 410; A.S.A. 1947, § 66-3625.
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 85 - ACCIDENT AND HEALTH INSURANCE (§§ 23-85-101 — 23-85-140) › Section 23-85-126 - Optional intoxicants and controlled substances provision

There may be a provision as follows:
"Intoxicants and Controlled Substances: The insurer shall not be liable for any loss sustained or contracted in consequence of the insured's being intoxicated or under the influence of any controlled substance unless administered on the advice of a physician."
Acts 1959, No. 148, § 411; 1985, No. 804, § 15; A.S.A. 1947, § 66-3626.