Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-81-101 Title required
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There shall be a title on the policy briefly describing it.
Ark. Code Ann. § 23-81-102 Scope
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(a) This section, §§ 23-81-101, 23-81-103 — 23-81-117, 23-81-120 — 23-81-136, and the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq., apply to contracts of life insurance and annuities, other than reinsurance, group life insurance, group annuities, and industr…
Ark. Code Ann. § 23-81-103 Life insurance — Standard provisions required
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(a) No policy of life insurance, other than credit life, industrial, group, and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions required …
Ark. Code Ann. § 23-81-104 Life insurance — Grace period provision
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(a) There shall be a provision that a grace period of thirty (30) days, or, at the option of the insurer, of one (1) month of not less than thirty (30) days, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the pol…
Ark. Code Ann. § 23-81-105 Life insurance — Incontestability provision
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There shall be a provision that, except for fraud in the procurement, 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, af…
Ark. Code Ann. § 23-81-106 Life insurance — Integrity of contract and alteration of contract provisions
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(a) There shall be a provision that the policy, or the policy and the application therefor if a copy of the application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties and that all statements contained in the applic…
Ark. Code Ann. § 23-81-107 Life insurance — Misstatement of age provision
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(a) There shall be a provision that if the age of the insured or of any other person whose age is 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 purchased at the correct age…
Ark. Code Ann. § 23-81-108 Life insurance — Dividend provision
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(a) There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified …
Ark. Code Ann. § 23-81-109 Life insurance — Adjustment of loan interest rates provision
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(a) Purpose. The purpose of this section is to permit and set guidelines for life insurers to include in life insurance policies issued after June 17, 1981, a provision for periodic adjustment of policy loan interest rates. (b) Definitions. For purposes of this section, the “publ…
Ark. Code Ann. § 23-81-110 Life insurance — Table of installments provision
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In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments per stated unit.
Ark. Code Ann. § 23-81-111 Life insurance — Reinstatement provision
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There shall be a provision that unless the policy has been surrendered for its cash surrender value or its cash surrender value has been exhausted, or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three (3) years from the…
Ark. Code Ann. § 23-81-112 Life insurance — Payment of premiums provision
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There shall be a provision relative to the payment of premiums.
Ark. Code Ann. § 23-81-113 Life insurance — Payment of claims provision
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(a) There shall be a provision that when a policy shall become a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and, at the insurer's option, surrender of the policy or proof of the interest of the claimant, or both surrender and pr…
Ark. Code Ann. § 23-81-114 Life insurance — Excluded or restricted coverage clauses limited
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A clause in any policy of life insurance providing that the policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy. Such a clause shall not preclude the assertion at any time of defenses based upon provisions in the poli…
Ark. Code Ann. § 23-81-115 Life insurance — Limitation of liability
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(a) No policy of life insurance shall be delivered or issued for delivery in this state if it contains any of the following provisions:(1) A provision for a period shorter than that provided by statute within which an action at law or in equity may be commenced on such a policy;(…
Ark. Code Ann. § 23-81-116 Life insurance — Holding of proceeds
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(a) Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with exemptions from the claims of creditors of beneficiaries other t…
Ark. Code Ann. § 23-81-117 Life insurance — Indebtedness deducted from proceeds
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(1) In determining the amount due under any life insurance policy issued, deduction may be made of:(1) Any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and(2) The amount of principal and accrued interest of any policy loan…
Ark. Code Ann. § 23-81-118 Life insurance — Refund of certain premiums and payment of proceeds
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(a) Upon the death of an insured, the proceeds payable to the beneficiary under any policy of individual life insurance, delivered or issued for delivery in this state after July 20, 1979, that is in force on a premium-paying basis on the date of death shall include premiums paid…
Ark. Code Ann. § 23-81-119 [Repealed.]
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A.C.A. § 23-81-119Current 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. § 23-81-120 Life insurance — Unnamed beneficiaries prohibited
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(a) No life insurance policy shall be issued or delivered in this state if it provides that on the death of anyone not specifically named therein, the owner or beneficiary of the policy shall receive the payment or granting of anything of value. (b) This provision shall not be de…
Ark. Code Ann. § 23-81-121 Annuity and pure endowment contracts — Standard provisions required
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(a) No annuity or pure endowment contract, other than reversionary annuities, survivorship annuities, or group annuities and except as stated in this section, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified …
Ark. Code Ann. § 23-81-122 Annuity and pure endowment contracts — Grace period provision
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(a) In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that there shall be a period of grace of one (1) month, but not less than thirty (30) days, within which any stipulated payment to the insurer falli…
Ark. Code Ann. § 23-81-123 Annuity and pure endowment contracts — Incontestability provision
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If any statements, other than those relating to age, sex, and identity, are required as a condition to issuing an annuity or pure endowment contract, other than reversionary, survivorship, or group annuity, and subject to § 23-81-125, there shall be a provision that, except for f…
Ark. Code Ann. § 23-81-124 Annuity and pure endowment contracts — Integrity of contract provision
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In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract…
Ark. Code Ann. § 23-81-125 Annuity and pure endowment contracts — Misstatement of age provision
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In an annuity or pure endowment contract, other than reversionary, survivorship, or group annuity, there shall be a provision that if the age of the person or persons upon whose life or lives the contract is made, or of any of them, has been misstated, the amount payable or benef…
Ark. Code Ann. § 23-81-126 Annuity and pure endowment contracts — Dividend provision
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If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.
Ark. Code Ann. § 23-81-127 Annuity and pure endowment contracts — Reinstatement provision
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In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within one (1) year from the default in making stipulated payments to the insurer, unless the cash surre…
Ark. Code Ann. § 23-81-128 Reversionary annuities — Standard provisions required
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(a) Except as stated in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions:(1) Any reversionary annuity contract shall contain the provisions specified in §§…
Ark. Code Ann. § 23-81-129 Incontestability of life insurance policy or annuity contract after reinstatement
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The reinstatement of any policy of life insurance or annuity contract delivered or issued for delivery in this state may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same…
Ark. Code Ann. § 23-81-130 Registered life insurance policies and annuity contracts — Deposit of reserves
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(a) A domestic life insurer existing on January 1, 1960, may deposit and shall thereafter maintain on deposit with the Insurance Commissioner securities and assets equal to the legal reserve on its registered life insurance policies and annuity contracts in force under the provis…
Ark. Code Ann. § 23-81-131 Registered life insurance policies and annuity contracts — Certificate
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(a) (1) After making the deposit mentioned in § 23-81-130, the insurer shall not thereafter issue a registered policy life insurance or of endowment, or annuity bond or contract, unless the policy, bond, or contract shall have upon its face a certificate substantially in the foll…
Ark. Code Ann. § 23-81-132 Registered life insurance policies and annuity contracts — Valuation
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(a) The insurer shall prepare and keep such records of all registered policies, bonds, or contracts issued by it and subject to § 23-81-131 as will enable the Insurance Commissioner to compute their value at any time. (b) Upon proof that any of the policies, bonds, or contracts h…
Ark. Code Ann. § 23-81-133 Registered life insurance policies and annuity contracts — Mutilated or surrendered policies
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The Insurance Commissioner shall cancel mutilated or surrendered policies, annuity bonds, and contracts issued by any insurers subject to § 23-81-130 when surrendered to the commissioner and for the purpose of cancellation and certify other like policies, bonds, or contracts when…
Ark. Code Ann. § 23-81-134 Registered life insurance policies and annuity contracts — Maintenance of deposit — Commissioner's duty to issue certificate
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(a) (1) Each insurer that has made the deposit provided for under § 23-81-130 shall make additional deposits from time to time in amounts not less than five thousand dollars ($5,000) and of such securities as are permitted by §§ 23-63-901 — 23-63-912 to be deposited so that the v…
Ark. Code Ann. § 23-81-135 Registered life insurance policies and annuity contracts — Credit of certain deposits
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A domestic life insurer which has made a deposit as to reserves pursuant to § 23-81-130 and which has also heretofore made a similar deposit with respect to its capital stock under laws heretofore in force may, to the extent that the deposit as to capital stock is composed of sec…
Ark. Code Ann. § 23-81-136 Registered life insurance policies and annuity contracts — Deficiency of deposit
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(a) If at any time the value of the securities and assets held on deposit as to a particular insurer under § 23-81-130 is less than the actual value of the registered policies and annuity bonds or contracts issued by the insurer and then in force, the Insurance Commissioner shall…
Ark. Code Ann. § 23-81-137 Requirements to change designated or named beneficiary of life insurance policy or annuity contract — Prohibition
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(1) A designated or named beneficiary of a life insurance policy or annuity contract:(1) Can be changed according to the terms of the life insurance policy or annuity contract; and(2) Cannot be changed in a will. (1) Can be changed according to the terms of the life insurance pol…
Ark. Code Ann. § 23-81-201 Title
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This subchapter shall be known and may be cited as the “Standard Nonforfeiture Law for Life Insurance”.
Ark. Code Ann. § 23-81-202 Applicability
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(a) This subchapter shall not apply to any of the following:(1) Reinsurance;(2) Group insurance;(3) Pure endowment;(4) Annuity or reversionary annuity contract;(5) A term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof…
Ark. Code Ann. § 23-81-203 Nonforfeiture provisions
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(a) In the case of policies issued on and after the operative date as defined in § 23-81-213(a), no policy of life insurance, except as stated in § 23-81-202, shall be delivered or issued for delivery in this state unless it shall contain in substance the following provisions, or…
Ark. Code Ann. § 23-81-204 Cash surrender value
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(a) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by § 23-81-203, shall be an amount not less than the excess, if any, of the present value, on the anniversary, of the future…
Ark. Code Ann. § 23-81-205 Certain paid-up benefits
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Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of the anniversary shall be at least equal to the cash surrender value then provided for by the policy o…
Ark. Code Ann. § 23-81-206 Calculation of adjusted premiums and present values issued before operative date of § 23-81-213(d)
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(a) (1) This section shall not apply to policies issued on or after the operative date of § 23-81-213(d) as defined therein. Except as provided in subsection (c) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be the uniform …
Ark. Code Ann. § 23-81-207 Calculation of adjusted premiums and present values — Ordinary policies issued on or after operative date of § 23-81-213(b)
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(a) In the case of ordinary policies issued on or after the operative date of § 23-81-213(b) as defined therein, all adjusted premiums and present values referred to in this subchapter shall be calculated on the basis of the Insurance Commissioner's 1958 Standard Ordinary Mortali…
Ark. Code Ann. § 23-81-208 Calculation of adjusted premiums and present values — Industrial policies issued on or after operative date of § 23-81-213(c)
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(a) In the case of industrial policies issued on or after the operative date of § 23-81-213(c) as defined therein, all adjusted premiums and present values referred to in this subchapter shall be calculated on the basis of the Insurance Commissioner's 1961 Standard Industrial Mor…
Ark. Code Ann. § 23-81-209 Calculation of adjusted premiums and present values — All policies issued on or after operative date of § 23-81-213(d)
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(a) (1) This section shall apply to all policies issued on or after the operative date of § 23-81-213(d) as defined therein.(2) Except as provided in subsection (g) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be the unifo…
Ark. Code Ann. § 23-81-210 Calculation of future adjusted premiums
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(a) In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimu…
Ark. Code Ann. § 23-81-211 Calculation of certain cash surrender values and nonforfeiture benefits in event of default
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(a) Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional…
Ark. Code Ann. § 23-81-212 Calculation of cash surrender value in event of default
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(a) In addition to all other applicable sections of this subchapter, this section shall apply to all policies issued on or after January 1, 1985. (b) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary sha…
Ark. Code Ann. § 23-81-213 Effective dates
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(a) After January 1, 1960, any insurer may file with the Insurance Commissioner a written notice of its election to comply after a specified date before January 1, 1961. After the filing of the notice and then upon the specified date, which shall be the operative date for the ins…