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23-71-105. Reserves and nonforfeiture provisions required.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-71-105. Reserves and nonforfeiture provisions required.
(a) Stipulated premium insurers shall be required to maintain reserves on all life insurance policies, annuity and endowment contracts, and disability insurance policies issued on and after January 1, 1968, in the following manner:
(1) Reserves on all stipulated premium life insurance policies and annuity and endowment contracts shall be established and maintained in accordance with the provisions of the Standard Valuation Law for Life Insurance and Annuities, § 23-84-101 et seq.; and
(2) Reserves on all stipulated premium accident and health insurance policies shall be established and maintained in accordance with the provisions of § 23-63-601 et seq. as to required insurance reserves.
(b) Stipulated premium insurers shall be required to insert in all life insurance policies and annuity and endowment contracts issued on and after January 1, 1968, a provision for nonforfeiture law under the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-71-105
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:23-71-105
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3c94bca8d4c3f64313c8eac6be7d4e87a9f856678b12c4f01ad1017d1d5e3231
Source location: content.xml paragraph 41844
Stored source content
23-71-105. Reserves and nonforfeiture provisions required.
(a) Stipulated premium insurers shall be required to maintain reserves on all life insurance policies, annuity and endowment contracts, and disability insurance policies issued on and after January 1, 1968, in the following manner:
(1) Reserves on all stipulated premium life insurance policies and annuity and endowment contracts shall be established and maintained in accordance with the provisions of the Standard Valuation Law for Life Insurance and Annuities, § 23-84-101 et seq.; and
(2) Reserves on all stipulated premium accident and health insurance policies shall be established and maintained in accordance with the provisions of § 23-63-601 et seq. as to required insurance reserves.
(b) Stipulated premium insurers shall be required to insert in all life insurance policies and annuity and endowment contracts issued on and after January 1, 1968, a provision for nonforfeiture law under the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-601. Definition.
In any determination of the financial condition, including whether an asset is allowable, of a domestic insurer, domestic title insurer, or other domestic regulated entities reporting to the Insurance Commissioner, including health maintenance organizations, hospital or medical service corporations, farmers' mutual aid associations or companies, and other licensees, all hereinafter called “reporting entities” for purposes of this subchapter, the definition of an “asset” contained in the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”, with certain additions, will be used in the determination. Additions shall include, but may not be limited to, the following:
(1)(A) Electronic data processing equipment, licenses, and operating system software, excluding any amount paid to officers and employees of the reporting entity, necessary for installation and use of a data processing or accounting system, or both, to be used in connection with the business of the insurer or reporting entity.
(B) Commencing on and after January 1, 2001, assets allowed under this section, as well as nonoperating system software, shall be accounted for in accordance with the National Association of Insurance Commissioners' publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”; and
(2) Other assets as specified by the commissioner in a rule.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-601
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 23-63-601. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-201. Title.
This subchapter shall be known and may be cited as the “Standard Nonforfeiture Law for Life Insurance”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-201
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 23-81-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-101. Title — Definitions.
(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 resulting from accident, sickness, or medical conditions; and
(B) The definition or description of “accident and health insurance” specified in the valuation manual;
(2) “Appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required by § 23-84-112(b);
(3) “Company” means an entity that has written, issued, or reinsured a policy or contract:
(A) In this state and has at least one (1) policy or contract in force or in claim status; or
(B) In any state and is required to hold a certificate of authority to write a policy or contract in this state;
(4) “Deposit-type contract” means:
(A) A contract that does not incorporate mortality or morbidity risks; and
(B) The definition or description of “deposit-type contract” specified in the valuation manual;
(5) “Life insurance” means:
(A) A contract that incorporates mortality risk, including annuity and pure endowment contracts; and
(B) The definition or description of “life insurance” specified in the valuation manual;
(6) “Operative date of the valuation manual” means the date if approved by the Insurance Commissioner as the date for use under this chapter of the valuation manual or a change to the valuation manual that is:
(A) January 1 of the first calendar year following the first July 1 as of which all of the following have occurred:
(i) The valuation manual has been adopted by the National Association
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-101
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 23-84-101. This identifies an authority to review, not proof of applicability.