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23-79-132. Exemption of proceeds — Group life.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-79-132. Exemption of proceeds — Group life.
(a)(1) A policy of group life insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder shall not be liable, either before or after payment, to be applied by any legal or equitable process to pay any debt or liability of the insured individual, or his or her beneficiary, or of any other person having a right under the policy.
(2) The proceeds of the policy, when not made payable to a named beneficiary or to a third person pursuant to a facility-of-payment clause, shall not constitute a part of the estate of the individual insured for the payment of his or her debts.
(b) This section shall not apply to group life insurance issued pursuant to § 23-83-106 to a creditor covering his or her debtors to the extent that the proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-79-132
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:23-79-132
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1b2de56e28eea7739beeec66db543576f9bd5aa504b740ad0666079c5c8709e2
Source location: content.xml paragraph 45441
Stored source content
23-79-132. Exemption of proceeds — Group life.
(a)(1) A policy of group life insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder shall not be liable, either before or after payment, to be applied by any legal or equitable process to pay any debt or liability of the insured individual, or his or her beneficiary, or of any other person having a right under the policy.
(2) The proceeds of the policy, when not made payable to a named beneficiary or to a third person pursuant to a facility-of-payment clause, shall not constitute a part of the estate of the individual insured for the payment of his or her debts.
(b) This section shall not apply to group life insurance issued pursuant to § 23-83-106 to a creditor covering his or her debtors to the extent that the proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-83-106. Association groups.
(a) A policy can be issued to an association or to a trust or to the trustee or trustees of a fund established, created, or maintained for the benefit of members of one (1) or more associations.
(b) The association shall have:
(1) At the outset a minimum of one hundred (100) persons;
(2) Been organized and maintained in good faith for purposes other than that of obtaining insurance;
(3) Been in active existence for at least two (2) years; and
(4) A constitution and bylaws which provide that:
(A) The association hold regular meetings not less than annually to further purposes of members;
(B) Except for credit unions, the association collect dues or solicit contributions from members; and
(C) The members have voting privileges and representation on the governing board and committees.
(c) The policy shall be subject to the following requirements:
(1) The policy may insure members of the association, employees thereof, or employees of members, or one (1) or more of the preceding or all of any classes thereof for the benefit of persons other than the employee's employer;
(2) The premium for the policy shall be paid from funds contributed by the association or by employer members, or by both, or from funds contributed by the covered persons or from both the covered persons and the association or employer members;
(3) Except as provided in subdivision (c)(5) of this section, a policy on which no part of the premium is to be derived from funds contributed by the covered persons specifically for their insurance must insure all eligible persons, except those who reject the coverage in writing;
(4) The Insurance Commissioner may issue regulations setting forth the disclosure requirements if a part or all of the premium for
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-83-106
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 23-83-106. This identifies an authority to review, not proof of applicability.