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23-81-116. Life insurance — Holding of proceeds.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-116. Life insurance — Holding of proceeds.
(a) Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder.
(b) Upon maturity of a policy, by death in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries.
(c) The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-116
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:23-81-116
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 212eaf6777a5cf2e1ed69c47d1b4cc21cb316079b715c587dfc783a5a415413a
Source location: content.xml paragraph 48779
Stored source content
23-81-116. Life insurance — Holding of proceeds.
(a) Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder.
(b) Upon maturity of a policy, by death in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries.
(c) The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets.
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