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23-40-104. Arkansas Insurance Code not affected.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-40-104. Arkansas Insurance Code not affected.
Except as provided in § 23-40-112(h)(2), this chapter shall not apply to any licensed insurance company or alter or affect any provisions of the Arkansas Insurance Code.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-40-104
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-40-104
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 09b9f32eec2808e1e05215edbfa2ceeec39ed9233ae89b00a388b78b13b1348e
Source location: content.xml paragraph 19235
Stored source content
23-40-104. Arkansas Insurance Code not affected.
Except as provided in § 23-40-112(h)(2), this chapter shall not apply to any licensed insurance company or alter or affect any provisions of the Arkansas Insurance Code.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-40-112. Prepaid funeral benefits contracts.
(a)(1) The Insurance Commissioner shall approve forms for prepaid funeral benefits contracts.
(2)(A) Except as provided in subdivision (a)(2)(B) of this section, a nonguaranteed prepaid contract or a nonspecified prepaid contract shall be approved if the prepaid contract provides the contract holder with interest or earnings during the term of the prepaid contract.
(B) If a prepaid contract is canceled under § 23-40-122, the seller may retain the accumulated interest on the deposit or the cash surrender value of the insurance policy used to purchase the prepaid contract in excess of the amount paid by the purchaser.
(C) The commissioner by rule may establish additional requirements for a nonguaranteed prepaid contract or a nonspecified prepaid contract.
(b)(1) Prepaid funeral benefits contracts shall be in writing.
(2) A prepaid contract for specified benefits shall set forth the specific merchandise and services to be provided by the seller and the prepaid contract price.
(3)(A) A nonguaranteed prepaid contract for specified benefits shall state that the prepaid contract is not guaranteed.
(B) A nonguaranteed prepaid contract may:
(i) State the specific merchandise and services to be provided by the seller; and
(ii) Name the prepaid contract price.
(c)(1) All forms for prepaid funeral benefits contracts shall contain the provisions incidental to the orderly administration of this chapter as set forth in the rules prescribed by the commissioner.
(2) A prepaid contract form shall not be used without prior approval of the commissioner.
(d)(1)(A) A seller of a prepaid contract for specified benefits shall furnish to the buyer the merchandise and services as stated in the prepaid contract at the prepai
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-40-112
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-40-112. This identifies an authority to review, not proof of applicability.