Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-40-101 Short title
0.1K chars
This chapter shall be known as the “Arkansas Prepaid Funeral Benefits Law”.
Ark. Code Ann. § 23-40-102 Purpose
0.1K chars
The purpose of this chapter is to provide for the regulation of the sale of prepaid funeral benefits by the Insurance Commissioner.
Ark. Code Ann. § 23-40-103 Definitions
14.3K chars
(1) As used in this chapter:(1) “Annuity funding” means contract proceeds that are used by a seller to purchase an annuity contract that names the seller as the beneficiary of the annuity contract, the proceeds of which shall be used to pay for the funeral benefits specified in a…
Ark. Code Ann. § 23-40-104 Arkansas Insurance Code not affected
0.2K chars
Except as provided in § 23-40-112(h)(2), this chapter shall not apply to any licensed insurance company or alter or affect any provisions of the Arkansas Insurance Code.
Ark. Code Ann. § 23-40-105 Burial associations exempted
0.1K chars
Nothing in this chapter shall apply to organizations or associations operating in this state as burial associations pursuant to § 23-78-101 et seq.
Ark. Code Ann. § 23-40-106 Violations — Penalties
3.9K chars
(a) (1) An officer, director, agent, or employee of an organization subject to this chapter who makes, or attempts to make, a contract in violation of this chapter, or refuses to allow an inspection of the organization's records shall be punished by a fine of not less than one th…
Ark. Code Ann. § 23-40-107 Division of Prepaid Funeral Benefits — State Insurance Department Prepaid Trust Fund
2.6K chars
(a) The Insurance Commissioner shall be responsible for the regulation of the sale of prepaid funeral benefits, and there is hereby established the Division of Prepaid Funeral Benefits within the State Insurance Department. This division shall be funded annually by the fees requi…
Ark. Code Ann. § 23-40-108 Administration
0.7K chars
(a) This chapter shall be administered by the Insurance Commissioner. (b) The commissioner is authorized to prescribe reasonable rules concerning keeping and inspection of records, the filing of contracts and reports, and all other matters incidental to the orderly administration…
Ark. Code Ann. § 23-40-109 Permit required
1.6K chars
(a) Any individual, firm, partnership, corporation, society, association, or other entity, hereinafter called an “organization”, desiring to sell prearranged or prepaid funeral services or funeral merchandise, including caskets, grave vaults, and all other articles of merchandise…
Ark. Code Ann. § 23-40-110 Application for initial or renewed permit
2.6K chars
(a) Each organization desiring to sell prepaid funeral benefits or any organization desiring to purchase an interest in or assume the liability of any contract for prepaid funeral benefits shall file an application for a permit with the Insurance Commissioner. Each initial and re…
Ark. Code Ann. § 23-40-111 Issuance of permit — Cancellation or denial
35.0K chars
(a) (1) The Insurance Commissioner may issue a permit conditioned upon satisfactory completion of all requirements of this chapter prior to the applicant's offering for sale or selling prepaid funeral benefits.(2) In addition, prior to the issuance of either an initial or renewal…
Ark. Code Ann. § 23-40-112 Prepaid funeral benefits contracts
13.5K chars
(a) (1) The Insurance Commissioner shall approve forms for prepaid funeral benefits contracts.(2) (A) Except as provided in subdivision (a)(2)(B) of this section, a nonguaranteed prepaid contract or a nonspecified prepaid contract shall be approved if the prepaid contract provide…
Ark. Code Ann. § 23-40-113 Change of ownership
4.8K chars
(a) The seller shall apply for change of ownership or control when:(1) The seller transfers all or a portion of the interest in any contract for prepaid funeral benefits;(2) The seller transfers one (1) or more of its establishments for providing funeral goods or services;(3) All…
Ark. Code Ann. § 23-40-114 Trust funds — Creation — Deposits, withdrawals, and transfers of funds
1.5K chars
(a) All contract proceeds collected under contracts for prepaid funeral benefits, including funds collected under contracts entered into before June 28, 1985, shall be deposited with a trustee within twenty (20) business days after receipt of proceeds, to be held, invested, and a…
Ark. Code Ann. § 23-40-115 Trust funds — Investments
9.1K chars
(a) The trustees shall invest the trust fund only in the following:(1) Demand deposits, savings accounts, certificates of deposit, and all other accounts that are insured by the Federal Deposit Insurance Corporation;(2) Bonds and obligations that are insured by, fully guaranteed …
Ark. Code Ann. § 23-40-116 Trust funds — Disbursements
1.8K chars
(1) The trustee shall disburse money or other property from the trust fund only as follows:(1) Upon the death of the contract beneficiary and upon proper proof and documentation being submitted to and approved by the Insurance Commissioner, or pursuant to such other method as may…
Ark. Code Ann. § 23-40-117 Trust funds — Exemption from attachment, etc
0.8K chars
(a) All contract proceeds held in trust pursuant to the provisions of this chapter and all income derived therefrom shall be exempt from attachment, garnishment, execution, and claims of creditors, receivers, or trustees in bankruptcy. The trust fund shall not be seized, taken, a…
Ark. Code Ann. § 23-40-118 Agent for deposit of contract proceeds
0.9K chars
(a) Each organization subject to this chapter shall designate an agent or agents, either by names of the individuals or by titles of their offices or positions, who shall be responsible for the deposit of contract proceeds collected under contracts for prepaid funeral benefits. T…
Ark. Code Ann. § 23-40-119 Annual report and fee
18.7K chars
(a) Each organization shall file an annual report and an annual report fee with the Insurance Commissioner on or before March 15 of each year in such form as the commissioner may require, showing:(1) The names or contract numbers, or both, of all persons with whom contracts for p…
Ark. Code Ann. § 23-40-120 Records required — Examination
5.8K chars
(a) Each organization which has outstanding contracts for prepaid funeral benefits shall maintain within this state any records which the Insurance Commissioner may require to enable him or her to determine whether the organization is complying with the provisions of this chapter…
Ark. Code Ann. § 23-40-121 [Repealed.]
0.2K chars
A.C.A. § 23-40-121Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 23-40-122 Cancellation or transfer
21.2K chars
(a) A purchaser may cancel or transfer a prepaid contract under this section, whether revocable or irrevocable, or whether cash-funded or funded by insurance or an annuity, at any time before performance of the contract by the seller, under the following conditions:(1) In the cas…
Ark. Code Ann. § 23-40-123 Delinquency proceedings
12.9K chars
(a) If it appears upon sufficient grounds or evidence satisfactory to the Insurance Commissioner that a person or a licensee has engaged in or is about to engage in an act or a practice that violates this chapter or a rule adopted or an order issued under this chapter or that the…
Ark. Code Ann. § 23-40-124 Compliance
0.1K chars
Compliance with this act shall be required for all licensees on and after March 16, 1997.
Ark. Code Ann. § 23-40-125 Prepaid Funeral Contracts Recovery Program Fund — Created
9.2K chars
(a) There is established within the State Insurance Department Prepaid Trust Fund an account to be known as the “Prepaid Funeral Contracts Recovery Program Fund”. (b) No money is to be appropriated from this fund for any purpose except for expenses and payment of claims of the Pr…
Ark. Code Ann. § 23-40-126 Unfair competition or unfair or deceptive acts or practices prohibited — Penalties
0.3K chars
An unfair method of competition or an unfair or deceptive act or practice under §§ 23-66-206(1)-(4), 23-66-206(6)-(8), and 23-66-207 — 23-66-213 in the sale of a prepaid funeral benefits contract is a violation of this chapter and may be punished under this chapter or the Trade P…