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23-81-202. Applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-202. Applicability.
(a) This subchapter shall not apply to any of the following:
(1) Reinsurance;
(2) Group insurance;
(3) Pure endowment;
(4) Annuity or reversionary annuity contract;
(5) A term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy;
(6) A term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in §§ 23-81-206 — 23-81-209 is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy;
(7) A policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in §§ 23-81-204 — 23-81-209 exceeds two and one-half percent (2.5%) of the amount of insurance at the beginning of the same policy year; or
(8) A policy which shall be delivered outside this state through an agent or other representative of the insurer issuing the policy.
(b) For purposes of determining the applicability of this subchapter, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-202
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:23-81-202
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e046e4aa56fe4ce87af8c8d502b530283531e579e8c116798ccb5000615ac338
Source location: content.xml paragraph 48985
Stored source content
23-81-202. Applicability.
(a) This subchapter shall not apply to any of the following:
(1) Reinsurance;
(2) Group insurance;
(3) Pure endowment;
(4) Annuity or reversionary annuity contract;
(5) A term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy;
(6) A term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in §§ 23-81-206 — 23-81-209 is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty (20) years or less expiring before seventy-one (71) years of age, for which uniform premiums are payable during the entire term of the policy;
(7) A policy, which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in §§ 23-81-204 — 23-81-209 exceeds two and one-half percent (2.5%) of the amount of insurance at the beginning of the same policy year; or
(8) A policy which shall be delivered outside this state through an agent or other representative of the insurer issuing the policy.
(b) For purposes of determining the applicability of this subchapter, the age at expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-204. Cash surrender value.
(a) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by § 23-81-203, shall be an amount not less than the excess, if any, of the present value, on the anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of:
(1) The then-present value of the adjusted premiums as defined in §§ 23-81-206 — 23-81-209 corresponding to premiums which would have fallen due on and after the anniversary; and
(2) The amount of any indebtedness to the insurer on the policy.
(b) However, for any policy issued on or after the operative date of § 23-81-207 as defined therein, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value as defined in the section for an otherwise similar policy issued at the same age without the rider or supplemental policy provision and the cash surrender value as defined in the section for a policy which provides only the benefits otherwise provided by the rider or supplemental policy provision.
(c) For any family policy issued on or after the operative date of § 23-81-207 as defined therein, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse's age seventy-one (71), the cash surrender value referred to in subsection (a) of this section shall be an amount not less than the sum of the cash surrender value as defined in the section for an otherwise similar policy issued at the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-204
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 23-81-204. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-206. Calculation of adjusted premiums and present values issued before operative date of § 23-81-213(d).
(a)(1) This section shall not apply to policies issued on or after the operative date of § 23-81-213(d) as defined therein. Except as provided in subsection (c) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be the uniform percentage of the respective premiums specified in the policy for each policy year, excluding amounts stated in the policy as extra premiums to cover impairments or special hazards, that the present value, at the date of issue of the policy of all adjusted premiums shall be equal to the sum of:
(A) The then-present value of the future guaranteed benefits provided for by the policy;
(B) Two percent (2%) of the amount of insurance, if the insurance is uniform in amount, or of the equivalent uniform amount, as hereinafter defined, if the amount of insurance varies with duration of the policy;
(C) Forty percent (40%) of the adjusted premium for the first policy year; and
(D) Twenty-five percent (25%) of either the adjusted premium for the first policy year or the adjusted premium for a whole life policy of the same uniform or equivalent uniform amount with uniform premiums for the whole of life issued at the same age for the same amount of insurance, whichever is less.
(2) However, in applying the percentages specified in subdivisions (a)(1)(C) and (D) of this section, no adjusted premium shall be deemed to exceed four percent (4%) of the amount of insurance or level amount equivalent thereto.
(3) The date of issue of a policy for the purpose of this subchapter shall be the date as of which the rated age of the insured is determined.
(b)(1) In the case of a policy providing a
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-206
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 23-81-206. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-209. Calculation of adjusted premiums and present values — All policies issued on or after operative date of § 23-81-213(d).
(a)(1) This section shall apply to all policies issued on or after the operative date of § 23-81-213(d) as defined therein.
(2) Except as provided in subsection (g) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be the uniform percentage of the respective premiums specified in the policy for each policy year, excluding:
(A) Amounts payable as extra premiums to cover impairments or special hazards; and
(B) Any uniform annual contract charge or policy fee specified in the policy in a statement of the method to be used in calculating the cash surrender values and paid-up nonforfeiture benefits, that the present value, at the date of issue of the policy, of all adjusted premiums shall be equal to the sum of:
(i) The then-present value of the future guaranteed benefits provided for by the policy;
(ii) One percent (1%) of either the amount of insurance, if the insurance is uniform in amount, or the average amount of insurance at the beginning of each of the first ten (10) policy years; and
(iii) One hundred twenty-five percent (125%) of the nonforfeiture net level premium as defined in this section.
(3) However, in applying the percentage specified in subdivision (a)(2)(B)(iii) of this section, no nonforfeiture net level premium shall be deemed to exceed four percent (4%) of either the amount of insurance, if the insurance is uniform in amount, or the average amount of insurance at the beginning of each of the first ten (10) policy years.
(4) The date of issue of a policy for the purpose of this subchapter shall be the date as of which the rate age of the insured is determin
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-209
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 23-81-209. This identifies an authority to review, not proof of applicability.