Title 23 — Public Utilities and Regulated Industries

(a) Excluding an annuity policy, a group policy shall contain a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of the termination whose insurance terminates,…

Excluding an annuity policy, a group policy shall contain a provision that if a person insured under the group policy, or the insured dependent of a covered person, dies during the period within which the individual would have been entitled to have an individual policy issued to …

(a) Excluding an annuity policy, a group policy shall contain a provision that when active employment is a condition of insurance, a provision that an insured may continue coverage during the insured's total disability by timely payment to the policyholder of that portion, if any…

In the case of a policy insuring the lives of debtors, a provision that the insurer will furnish to the policyholder for delivery to each debtor insured under the policy a certificate of insurance describing the coverage and specifying that the death benefit shall first be applie…

(a) If any individual insured under a group policy, excluding an annuity policy, hereafter delivered in this state becomes entitled under the terms of the policy to have an individual policy of life insurance issued to him or her without evidence of insurability, subject to makin…

(a) All group life, annuity, and accident and health insurance placed by an employer on employees who are residents of this state shall be placed by the employer with an insurer authorized to transact insurance in this state. (b) This section shall not apply to group insurance la…

(a) Any employer in this state withholding or collecting any money from employees who are residents of this state for any group life, annuity, or accident and health insurance placed with an unauthorized insurer in violation of § 23-83-123 shall be deemed to be the agent of the i…

Nothing in §§ 23-83-101 — 23-83-124 shall prohibit a person who is insured under any group policy from making an assignment or otherwise disposing of all or any part of his or her rights or incidents of ownership under the policy.

Subject to the terms of the group policy relating to assignment of rights or incidents of ownership thereunder, an assignment by the insured, whether made before or after June 17, 1981, shall vest in the assignee all of such rights or incidents of ownership so assigned in accorda…

A.C.A. § 23-83-127Current 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) 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…

(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…

(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 …

(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…

(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…

(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 …

(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…

(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…

(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 …

(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 …

(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 …

(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…

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.

(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…

(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…

(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…

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.

(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…

(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…

(a) Accident and health insurance on a franchise plan is declared to be that form of accident and health insurance issued to:(1) Five (5) or more employees of any corporation, copartnership, or individual employer or any governmental corporation, agency, or department thereof; or…

(1) This chapter governs accident and health insurance policies issued to individuals and members of their families. Nothing in this section and §§ 23-85-101, 23-85-103 — 23-85-134, 23-85-136, and 23-85-137 shall apply to or affect:(1) Any policy of liability or workers' compensa…

The word “insured” as used in this section and §§ 23-85-101, 23-85-102, and 23-85-104 — 23-85-131 shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from bei…

(1) No policy of accident and health insurance shall be delivered or issued for delivery to any person in this state unless it otherwise complies with this code and complies with the following:(1) The entire money and other considerations for the policy shall be expressed in the …

(a) (1) Except as provided in subsection (b) of this section, each accident and health policy delivered or issued for delivery to any person in this state shall contain the provisions specified in §§ 23-85-106 — 23-85-117 in the words in which the provisions appear.(2) However, t…

There shall be a provision as follows: “Entire Contract; Changes: This policy, including the endorsements and the attached papers, if any, constitutes the entire contract of insurance. No change in this policy shall be valid until approved by an executive officer of the insurer a…

(a) There shall be a provision as follows:“Time Limit on Certain Defenses: (1) After three (3) years from the date of issue of this policy, no misstatements, except fraudulent misstatements, made by the applicant in the application for such policy shall be used to void the policy…

(a) There shall be a provision as follows:“Grace Period: A grace period of (insert a number not less than seven (7) for weekly premium policies, ten (10) for monthly premium policies and thirty-one (31) for all other policies) days will be granted for the payment of each premium …

(a) There shall be a provision as follows:“Reinstatement: If any renewal premium is not paid within the time granted the insured for payment, a subsequent acceptance of premium by the insurer or by any agent authorized by the insurer to accept such premium, without requiring in c…

(a) There shall be a provision as follows:“Notice of Claim: Written notice of claim must be given to the insurer within twenty (20) days after the occurrence or commencement of any loss covered by the policy, or as soon thereafter as is reasonably possible. Notice given by or on …

There shall be a provision as follows: “Claim Forms: The insurer, upon receipt of a notice of claim, will furnish to the claimant such forms as are usually furnished by it for filing proofs of loss. If such forms are not furnished within fifteen (15) days after the giving of such…

There shall be a provision as follows: “Proofs of Loss: Written proof of loss must be furnished to the insurer at its said office in case of claim for loss for which this policy provides any periodic payment contingent upon continuing loss within ninety (90) days after the termin…

There shall be a provision as follows: “Time of Payment of Claims: Indemnities payable under this policy for any loss, other than loss for which this policy provides any periodic payment, will be paid immediately upon receipt of due written proof of such loss. Subject to due writ…

(a) Except as provided under subsection (c) of this section, there shall be a provision as follows:“Payment of Claims: Indemnity for loss of life will be payable in accordance with the beneficiary designation and the provisions respecting such payment which may be prescribed here…

There shall be a provision as follows: “Physical Examinations and Autopsy: The insurer at its own expense shall have the right and opportunity to examine the person of the insured when and as often as it may reasonably require during the pendency of a claim hereunder and to make …

There shall be a provision as follows: “Legal Actions: No action at law or in equity shall be brought to recover on this policy prior to the expiration of sixty (60) days after written proof of loss has been furnished in accordance with the requirements of this policy. No such ac…

(a) There shall be a provision as follows:“Change of Beneficiary: Unless the insured makes an irrevocable designation of beneficiary, the right to change a beneficiary is reserved to the insured and the consent of the beneficiary or beneficiaries shall not be requisite to surrend…

(a) Except as provided in § 23-85-105(b), no policy delivered or issued for delivery to any person in this state shall contain provisions respecting the matters set forth in this section and §§ 23-85-119 — 23-85-126, unless the provisions are in the words in which the provisions …

There may be a provision as follows: “Change of Occupation: If the insured is injured or contracts sickness after having changed his occupation to one classified by the insurer as more hazardous than that stated in this policy or while doing for compensation anything pertaining t…

There may be a provision as follows: “Misstatement of Age: If the age of the insured has been misstated, all amounts payable under this policy shall be such as the premium paid would have purchased at the correct age.”

(a) There may be a provision as follows:“Other Insurance in This Insurer: If an accident or sickness or accident and sickness policy or policies previously issued by the insurer to the insured is in force concurrently herewith, making the aggregate indemnity for (insert type of c…