Title 23 — Public Utilities and Regulated Industries

(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…

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…

(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…

(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…

This subchapter shall be known and may be cited as the “Standard Nonforfeiture Law for Life Insurance”.

(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…

(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…

(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…

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…

(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 …

(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…

(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…

(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…

(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…

(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…

(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…

(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…

This subchapter shall be known as the “Standard Nonforfeiture Law for Individual Deferred Annuities”.

This subchapter shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a …

(a) In the case of contracts issued on or after the operative date of this subchapter as defined in § 23-81-312, no contract of annuity, except as stated in § 23-81-302, shall be delivered or issued for delivery in this state unless it contains in substance the following provisio…

(a) (1) Prior to July 15, 2006, a company may elect to comply with the provisions of:(A) Subsections (b) and (c) of this section; or(B) Subsections (d)-(f) of this section.(2) On and after July 15, 2006, all companies shall comply with the provisions of subsections (d)-(f) of thi…

(a) Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. (b) The present value shall be computed using the mortality table, if a…

(a) For contracts which provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under…

(a) For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity…

(a) For the purpose of determining the benefits calculated under §§ 23-81-306 and 23-81-307, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date …

Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits ar…

Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations be…

(a) For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the min…

(a) After June 17, 1981, any insurer may file with the Insurance Commissioner a written notice of its election to comply with the provisions of this subchapter after a specified date before January 1, 1983. (b) After the filing of the notice, then upon the specified date, which s…

The Insurance Commissioner may adopt rules to implement the provisions of this subchapter.

(a) (1) All pertinent provisions of the Arkansas Insurance Code shall apply to separate accounts and contracts relating to those accounts, except:(A) Sections 23-81-122, 23-81-127, and 23-81-128 in the case of a variable annuity contract;(B) Sections 23-81-104, 23-81-109 — 23-81-…

(1) A domestic life insurance company may establish one (1) or more separate accounts and may allocate thereto amounts including, without limitation, proceeds applied under optional modes of settlement or under dividend options to provide for life insurance or annuities, and bene…

(a) Any contract providing benefits payable in variable amounts delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurance company in determining the dollar amount of the variable benefits. …

(a) No company shall deliver or issue for delivery within this state variable contracts unless it is licensed or organized to do a life insurance or annuity business in this state and unless the Insurance Commissioner is satisfied that its condition or method of operation in conn…

Notwithstanding any other provision of law, the Insurance Commissioner shall have sole authority to regulate the issuance and sale of variable contracts and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this subch…

This subchapter shall be known and may be cited as the “Structured Settlement Protection Act”.

(1) As used in this subchapter:(1) “Annuity issuer” means an insurer that has issued a contract to fund periodic payments under a structured settlement;(2) “Dependents” includes a payee's spouse and minor children and all other persons for whom the payee is legally obligated to p…

(1) Not less than three (3) days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement in bold type no smaller than fourteen (14) points, setting forth:(1) The amounts and due dates of the structur…

(1) No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the t…

(1) Following a transfer of structured settlement payment rights under this subchapter:(1) The structured settlement obligor and the annuity issuer shall be discharged and released from all liability for the transferred payments as to all parties except the transferee;(2) The tra…

(a) An application under this subchapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought:(1) In the county in which:(A) The payee resides; or(B) The structured settlement obligor or the annuity issuer maintains…

(a) The provisions of this subchapter may not be waived by any payee. (b) (1) Any transfer agreement entered into on or after August 12, 2005, by a payee who resides in this state shall provide that disputes under the transfer agreement, including any claim that the payee has bre…

This subchapter shall be known and may be cited as the “Life Settlements Act”.

(1) As used in this subchapter:(1) “Advertisement” means any written, electronic, or printed communication or any communication by means of recorded telephone messages or transmissions on radio, television, the Internet, or similar communications media, including film strips, mot…

(a) A person, wherever located, shall not act as a provider or broker with an owner or multiple owners who is a resident of this state without first having obtained a license from the Insurance Commissioner. (b) (1) Application for a provider or broker license shall be made to th…

(a) The Insurance Commissioner may suspend, revoke, or refuse to renew the license of any licensee if the commissioner finds that:(1) There was any material misrepresentation in the application for the license;(2) The licensee or any officer, partner, member, or director has been…

(a) A person shall not use any form of life settlement contract in this state unless it has been filed with and approved, if required, by the Insurance Commissioner in a manner that conforms with the filing procedures and any time restrictions or deeming provisions, if any, for l…

(a) (1) (A) For any policy settled within five (5) years of policy issuance, each provider shall file with the Insurance Commissioner on or before March 1 of each year an annual statement containing such information as the commissioner may prescribe by rule.(B) In addition to any…

(a) (1) When the Insurance Commissioner deems it reasonably necessary to protect the interests of the public, the commissioner may examine the business and affairs of any licensee or applicant for a license.(2) The commissioner may order any licensee or applicant to produce any r…

(a) (1) A broker or provider licensed pursuant to this subchapter may conduct or participate in advertisements within this state.(2) Advertisements shall comply with all advertising and marketing laws or rules promulgated by the Insurance Commissioner that are applicable to life …