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23-81-306. Calculation of cash surrender values.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-306. Calculation of cash surrender values.
(a) For contracts which provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, the present value being calculated on the basis of an interest rate not more than one percent (1%) higher than the interest rate specified in the contract for accumulating the net considerations to determine the maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the insurer to the contract.
(b) In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time.
(c) The death benefit under the contracts shall be at least equal to the cash surrender benefit.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-306
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:23-81-306
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5c1c416dca6caf42234e9d5f974a38c3c22b845dc1ee515f2c9fbaeaa6569c24
Source location: content.xml paragraph 49261
Stored source content
23-81-306. Calculation of cash surrender values.
(a) For contracts which provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, the present value being calculated on the basis of an interest rate not more than one percent (1%) higher than the interest rate specified in the contract for accumulating the net considerations to determine the maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the insurer to the contract.
(b) In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time.
(c) The death benefit under the contracts shall be at least equal to the cash surrender benefit.
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