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23-81-401. Exceptions from Arkansas Insurance Code.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-81-401
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 95834e0b0645e50c19ab8ddfa6d88da1b66f549be8bd5f9389c0e63ff6e8f092
Source location: content.xml paragraph 49327
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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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-104. Life insurance — Grace period provision.
(a) There shall be a provision that a grace period of thirty (30) days, or, at the option of the insurer, of one (1) month of not less than thirty (30) days, shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force.
(b) However, if a claim arises under the policy during that period of grace, the amount of any premium due or overdue may be deducted from the policy proceeds.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-104
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 23-81-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-122. Annuity and pure endowment contracts — Grace period provision.
(a) In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that there shall be a period of grace of one (1) month, but not less than thirty (30) days, within which any stipulated payment to the insurer falling due after the first may be made, subject at the option of the insurer to an interest charge thereon at a rate to be specified in the contract but not exceeding six percent (6%) per annum for the number of days of grace elapsing before the payment, during which period of grace the contract shall continue in full force.
(b) However, in case a claim arises under the contract on account of death prior to expiration of the period of grace before the overdue payment to the insurer or the deferred payment of the current contract year, if any, is made, the amount of the payments, with interest on any overdue payments, may be deducted from any amount payable under the contract in settlement.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-122
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 23-81-122. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-127. Annuity and pure endowment contracts — Reinstatement provision.
In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within one (1) year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract but not exceeding six percent (6%) per annum payable annually. In cases when applicable, the insurer may also include a requirement of evidence of insurability satisfactory to the insurer.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-127
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 23-81-127. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-128. Reversionary annuities — Standard provisions required.
(a) Except as stated in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions:
(1) Any reversionary annuity contract shall contain the provisions specified in §§ 23-81-122 — 23-81-126, except that under § 23-81-122 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for deduction of the payments from an amount payable upon settlement under the contract; and
(2) In reversionary annuity contracts, there shall be a provision that the contract may be reinstated at any time within three (3) years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the issuer on account of the contract be paid, or, within the limits permitted by the then-cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually.
(b) This section shall not apply to group annuities or to annuities included in life insurance policies, and any of the provisions not applicable to single premium annuities shall not to that extent be incorporated therein.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-128
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 23-81-128. This identifies an authority to review, not proof of applicability.