Title 23 — Public Utilities and Regulated Industries

This subchapter may be cited as the “Property and Casualty Insurance Policy Simplification Act”.

(a) The purpose of this subchapter is to establish minimum language and format standards to make property and casualty insurance policies easier to read. (b) This subchapter is not intended to increase the risk assumed under policies subject to it. Nor is it intended to impede fl…

(1) As used in this subchapter:(1) “Casualty insurance” does not include accident and health insurance;(2) “Commissioner” means the Insurance Commissioner; and(3) “Policy” or “policy forms” means any written contract of property and casualty insurance delivered or issued for deli…

(a) This subchapter shall apply to all policies with effective dates on or after the implementation date established for policies under § 23-80-306(b). (b) No other statute of this state setting simplification standards for language or format shall apply to any policy. (c) This s…

(a) After notice and hearing, the Insurance Commissioner may issue reasonable rules implementing §§ 23-80-306 and 23-80-308. (b) At the commissioner's sole discretion, he or she may extend any dates under this subchapter. (c) The commissioner shall have sole authority to enforce …

(a) All policies which, under subsection (b) of this section, must comply with this subsection shall be simplified, taking into consideration the following factors:(1) Use of simple sentence structure and short sentences;(2) Use of commonly understood words;(3) Avoidance of techn…

(a) The requirements of any other laws which specify the language or content of any policy may be met by a policy complying with § 23-80-306(a). (b) However, the policy must provide protection which, considered as a whole, is not less favorable to the insured than is required by …

An insurer may comply with § 23-80-306(a) and § 23-80-306(b)(2) for not more than twelve (12) months following the implementation date established by the Insurance Commissioner by providing to the policyholder an outline of coverage or a brochure instead of a simplified policy. T…

It is the intent of the General Assembly to improve care to patients by minimizing confusion, eliminating unnecessary paperwork, decreasing administrative burdens, and streamlining dispensing of prescription products paid for by third-party payors. This subchapter shall be constr…

(1) As used in this subchapter:(1) “Commissioner” means the Insurance Commissioner;(2) “Covered person” means a person on whose behalf a health benefit plan is obligated to pay benefits pursuant to the health benefit plan; and(3) “Health benefit plan” means any individual, blanke…

(1) This subchapter shall not apply to:(1) Accidental injury insurance plans;(2) Dental insurance plans;(3) Vision insurance plans;(4) Specified disease insurance plans;(5) Disability income plans;(6) Credit insurance plans;(7) Insurance coverage issued as a supplement to liabili…

(a) Every health benefit plan that provides coverage for prescription drugs or devices and issues a card or other technology for claims processing and every administrator of such plans, including third-party administrators for self-insured plans, pharmacy benefit managers, and ad…

(a) Upon enrollment of a covered person, a health benefit plan shall issue a uniform prescription drug information card or other technology in accordance with the requirements of § 23-80-404. (b) Upon any change in a covered person's coverage that impacts in content or format any…

(a) This subchapter does not require a health benefit plan that provides coverage for prescription drugs or devices to issue a card or other technology separate from any identification card issued to a covered person to evidence coverage under the health benefit plan, if the card…

All prescription drug information cards or other technologies, including dual-use identification cards described in § 23-80-406, that are executed, delivered, issued, modified, extended, or renewed by a health benefit plan shall comply with the requirements of this subchapter.

The Insurance Commissioner shall have all the powers to enforce this subchapter that are granted to the commissioner elsewhere in the Arkansas Insurance Code.

The Insurance Commissioner shall promulgate rules necessary to implement this subchapter and shall look for guidance to the standards and implementation guides produced by the National Council for Prescription Drug Programs.

There shall be a title on the policy briefly describing it.

(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…

(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 …

(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…

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…

(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…

(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…

(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 …

(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…

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.

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…

There shall be a provision relative to the payment of premiums.

(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…

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…

(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;(…

(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…

(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…

(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…

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

(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…

(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 …

(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…

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…

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…

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…

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.

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…

(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 §§…

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…

(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…

(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…

(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…

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…