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23-74-502. Funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-74-502. Funds.
(a) All assets shall be held, invested, and disbursed for the use and benefit of the society, and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, and apply any special fund or funds necessary to carry out any purpose permitted by the laws of the society.
(c)(1) Pursuant to resolution of its supreme governing body, a society may establish and operate one (1) or more separate accounts and issue contracts on a variable basis, subject to the provisions of law regulating life insurers establishing such accounts and issuing such contracts as provided in § 23-81-401 et seq.
(2) To the extent the society deems it necessary in order to comply with any applicable federal or state laws, or any rules issued thereunder, the society may:
(A) Adopt special procedures for the conduct of the business and affairs of a separate account;
(B) For persons having beneficial interests therein, provide special voting and other rights, including, without limitation, special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee to manage the business and affairs of the account; and
(C) Issue contracts on a variable basis to which § 23-74-404(b) and (d) shall not apply.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-74-502
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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Record provenance
Stable record: arkansas_code:legal_authorities:23-74-502
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 84cccb69cccc59c5f069be594b7b4922e42d89528f2f5e391ce14ab651c433c4
Source location: content.xml paragraph 42916
Stored source content
23-74-502. Funds.
(a) All assets shall be held, invested, and disbursed for the use and benefit of the society, and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit contract.
(b) A society may create, maintain, invest, disburse, and apply any special fund or funds necessary to carry out any purpose permitted by the laws of the society.
(c)(1) Pursuant to resolution of its supreme governing body, a society may establish and operate one (1) or more separate accounts and issue contracts on a variable basis, subject to the provisions of law regulating life insurers establishing such accounts and issuing such contracts as provided in § 23-81-401 et seq.
(2) To the extent the society deems it necessary in order to comply with any applicable federal or state laws, or any rules issued thereunder, the society may:
(A) Adopt special procedures for the conduct of the business and affairs of a separate account;
(B) For persons having beneficial interests therein, provide special voting and other rights, including, without limitation, special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee to manage the business and affairs of the account; and
(C) Issue contracts on a variable basis to which § 23-74-404(b) and (d) shall not apply.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-74-404. The benefit contract.
(a)(1) Every society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided thereby.
(2) The certificate, together with any riders or endorsements attached thereto, the laws of the society, the application for membership, the application for insurance and declaration of insurability, if any, signed by the applicant, and all amendments to each thereof, shall constitute the benefit contract, as of the date of issuance, between the society and the owner, and the certificate shall so state.
(3) A copy of the application for insurance and declaration of insurability, if any, shall be endorsed upon or attached to the certificate.
(4) All statements on the application shall be representations and not warranties.
(5) Any waiver of this provision shall be void.
(b) Any changes, additions, or amendments to the laws of the society, duly made or enacted subsequent to the issuance of the certificate, shall bind the owner and the beneficiaries and shall govern and control the benefit contract in all respects the same as though such charges, additions, or amendments had been made prior to and were in force at the time of the application for insurance, except that no change, addition, or amendment shall destroy or diminish benefits that the society contracted to give the owner as of the date of issuance.
(c) Any person upon whose life a benefit contract is issued prior to attaining the age of majority shall be bound by the terms of the application and certificate and by all the laws and rules of the society to the same extent as though the age of majority had been attained at the time of application.
(d) A society shall provide in its laws that if i
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-74-404
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 23-74-404. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-401. Exceptions from Arkansas Insurance Code.
(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 — 23-81-111, and the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq., in the case of a variable life insurance policy;
(C) Section 23-83-109 in the case of group variable life insurance; and
(D) As otherwise provided in this subchapter.
(2) Any group or individual variable life insurance contract or annuity contract delivered or issued for delivery in this state shall contain grace, reinstatement, and nonforfeiture provisions appropriate to the contract.
(b) The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guaranteed.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-401
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 23-81-401. This identifies an authority to review, not proof of applicability.