Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-84-101 Title — Definitions
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(a) This chapter shall be known and may be cited as the “Standard Valuation Law for Life Insurance and Annuities”. (b) As used in this chapter:(1) “Accident and health insurance” means:(A) A contract that incorporates morbidity risk and provides protection against economic loss r…
Ark. Code Ann. § 23-84-102 Valuation of reserves by Insurance Commissioner
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(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 b…
Ark. Code Ann. § 23-84-103 Minimum standard for valuation generally
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(a) Except as provided in §§ 23-84-104, 23-84-105, and 23-84-114, the minimum standard for the valuation of all policies and contracts issued prior to the operative date of § 23-81-213(a) shall be provided by the laws in effect immediately prior to January 1, 1960. (b) Except as …
Ark. Code Ann. § 23-84-104 Minimum standard for valuation — Annuity and pure endowment contracts
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(a) Except as provided in § 23-84-105, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or after the operative date of this section and for all annuities and pure endowments purchased on or after the operative date under grou…
Ark. Code Ann. § 23-84-105 Minimum standard for valuation — Interest rates — Definitions
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(a) Applicability of this Section. The interest rates used in determining the minimum standard for the valuation of the following shall be the calendar year statutory valuation interest rates as defined in this chapter:(1) All life insurance policies issued in a particular calend…
Ark. Code Ann. § 23-84-106 Calculation of reserves generally
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(a) Except as otherwise provided in §§ 23-84-107 and 23-84-110, reserves according to the Insurance Commissioner's reserve valuation method, for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of uniform …
Ark. Code Ann. § 23-84-107 Calculation of reserves — Certain annuity and pure endowment contracts
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(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 proprietors…
Ark. Code Ann. § 23-84-108 Calculation of reserves — Minimum aggregate reserves for certain life insurance policies
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(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…
Ark. Code Ann. § 23-84-109 Calculation of reserves — Standards of valuation
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(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 …
Ark. Code Ann. § 23-84-110 Calculation of reserves — Certain life insurance policies and contracts
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(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 …
Ark. Code Ann. § 23-84-111 Calculation of reserves — Future premium determinations by life insurers
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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 or annuity which is of such a nature …
Ark. Code Ann. § 23-84-112 Actuarial opinion of reserves — Definition
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(a) Actuarial Opinion Prior to Operative Date of the Valuation Manual. (1) General. (A) Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the…
Ark. Code Ann. § 23-84-113 Rules
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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.
Ark. Code Ann. § 23-84-114 Minimum standard for accident and health insurance
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(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 iss…
Ark. Code Ann. § 23-84-115 Valuation of policy or contract issued on or after operative date of the valuation manual
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(a) Except as provided in this section, for a policy or contract 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). (b) The valuation manual shall speci…
Ark. Code Ann. § 23-84-116 Requirements of principle-based valuation
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(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 conserva…
Ark. Code Ann. § 23-84-117 Experience reporting
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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.
Ark. Code Ann. § 23-84-118 Confidentiality — Definition
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(a) As used in this section, “confidential information” means:(1) A memorandum in support of an opinion submitted under § 23-84-112 and any other documents, materials, and other information, including without limitation all working papers and copies of working papers created, pro…
Ark. Code Ann. § 23-84-119 Single-state exemption
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(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 a…