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23-81-805. Contract requirements.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-805. Contract requirements.
(a) A person shall not use any form of life settlement contract in this state unless it has been filed with and approved, if required, by the Insurance Commissioner in a manner that conforms with the filing procedures and any time restrictions or deeming provisions, if any, for life insurance forms, policies, and contracts.
(b) An insurer shall not as a condition of responding to a request for verification of coverage or in connection with the transfer of a policy pursuant to a life settlement contract require that the owner, insured, provider, or broker sign any form, disclosure, consent, waiver, or acknowledgment that has not been expressly approved by the commissioner for use in connection with life settlement contracts in this state.
(c)(1) A person shall not use a life settlement contract form or provide to an owner a disclosure statement form in this state unless first filed with and approved by the commissioner.
(2) The commissioner shall disapprove a life settlement contract form or disclosure statement form if, in the commissioner's opinion, the contract or provisions contained in the life settlement contract form or disclosure statement form fail to meet the requirements of §§ 23-81-808 — 23-81-811 and § 23-81-815(b) or are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the owner.
(3) At the commissioner's discretion, the commissioner may require the submission of advertising material.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-805
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:23-81-805
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8ceb822023688350510ee8676909158cdcc13b1e8d37ff9022444902fe43fc5a
Source location: content.xml paragraph 49761
Stored source content
23-81-805. Contract requirements.
(a) A person shall not use any form of life settlement contract in this state unless it has been filed with and approved, if required, by the Insurance Commissioner in a manner that conforms with the filing procedures and any time restrictions or deeming provisions, if any, for life insurance forms, policies, and contracts.
(b) An insurer shall not as a condition of responding to a request for verification of coverage or in connection with the transfer of a policy pursuant to a life settlement contract require that the owner, insured, provider, or broker sign any form, disclosure, consent, waiver, or acknowledgment that has not been expressly approved by the commissioner for use in connection with life settlement contracts in this state.
(c)(1) A person shall not use a life settlement contract form or provide to an owner a disclosure statement form in this state unless first filed with and approved by the commissioner.
(2) The commissioner shall disapprove a life settlement contract form or disclosure statement form if, in the commissioner's opinion, the contract or provisions contained in the life settlement contract form or disclosure statement form fail to meet the requirements of §§ 23-81-808 — 23-81-811 and § 23-81-815(b) or are unreasonable, contrary to the interests of the public, or otherwise misleading or unfair to the owner.
(3) At the commissioner's discretion, the commissioner may require the submission of advertising material.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-808. Advertising.
(a)(1) A broker or provider licensed pursuant to this subchapter may conduct or participate in advertisements within this state.
(2) Advertisements shall comply with all advertising and marketing laws or rules promulgated by the Insurance Commissioner that are applicable to life insurers or to brokers and providers licensed pursuant to this subchapter.
(b) Advertisements shall be accurate, truthful, and not misleading in fact or by implication.
(c) A person or trust shall not:
(1) Directly or indirectly market, advertise, solicit, or otherwise promote the purchase of a policy for the sole purpose of or with an emphasis on settling the policy; or
(2) Use the words “free”, “no cost”, or words of similar import in the marketing, advertising, soliciting, or otherwise promoting of the purchase of a policy.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-808
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 23-81-808. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-811. General rules.
(a) A provider entering into a life settlement contract with any owner of a policy when the insured is terminally or chronically ill shall first obtain:
(1) If the owner is the insured, a written statement from a licensed attending physician that the owner is of sound mind and under no constraint or undue influence to enter into a life settlement contract; and
(2) A document in which the insured consents to the release of his or her medical records to a provider, settlement broker, or insurance producer, and if the policy was issued less than two (2) years from the date of application for a life settlement contract, to the insurance company that issued the policy.
(b)(1) The insurer shall respond to a request for verification of coverage submitted by a provider, settlement broker, or life insurance producer not later than thirty (30) calendar days of the date the request is received.
(2) The request for verification of coverage shall be made on a form approved by the Insurance Commissioner.
(3) The insurer shall complete and issue the verification of coverage or indicate in which respects it is unable to respond.
(4) In its response, the insurer shall indicate whether, based on the medical evidence and documents provided, the insurer intends to pursue an investigation at this time regarding the validity of the insurance contract.
(c) Before or at the time of execution of the life settlement contract, the provider shall obtain a witnessed document in which the owner consents to the life settlement contract and represents that the owner has a full and complete understanding of the life settlement contract, that the owner has a full and complete understanding of the benefits of the policy, acknowledges that the owner is entering in
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-811
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 23-81-811. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-815. Injunctions — Civil remedies — Cease and desist.
(a) In addition to the penalties and other enforcement provisions of this subchapter, if any person violates this subchapter or any rule implementing this subchapter, the Insurance Commissioner may seek an injunction in a court of competent jurisdiction in the county where the person resides or has a principal place of business and may apply for temporary and permanent orders that the commissioner determines necessary to restrain the person from further committing the violation.
(b) Any person damaged by the acts of another person in violation of this subchapter or any rule implementing this subchapter may bring a civil action for damages in a court of competent jurisdiction against the person committing the violation.
(c) The commissioner may issue a cease and desist order upon a person who violates any provision of this section, any rule or order adopted by the commissioner, or any written agreement entered into with the commissioner, in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
(d)(1) When the commissioner finds that such an action presents an immediate danger to the public and requires an immediate final order, he or she may issue an emergency cease and desist order reciting with particularity the facts underlying such findings.
(2) The emergency cease and desist order is effective immediately upon service of a copy of the order on the respondent and remains effective for ninety (90) days. If the State Insurance Department begins nonemergency cease and desist proceedings under subsection (a) of this section, the emergency cease and desist order remains effective, absent an order by an appellate court of competent jurisdiction pursuant to the Arkansas Administra
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-815
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 23-81-815. This identifies an authority to review, not proof of applicability.