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23-83-101. Group contracts must meet group requirements.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-83-101. Group contracts must meet group requirements.
(a) Except when specifically provided otherwise, “policy” as used in this chapter shall include both life insurance and annuities.
(b)(1) No policy shall be delivered in this state insuring the lives of more than one (1) individual with or without one (1) or more members of the family or one (1) or more dependents, or covering one (1) or more members of the family or one (1) or more dependents of the group of persons, unless to one (1) of the groups as provided for in §§ 23-83-102 — 23-83-107 and unless in compliance with the other applicable provisions of this chapter.
(2) Subdivision (b)(1) of this section shall not apply to policies:
(A) Insuring only individuals related by blood, marriage, or legal adoption;
(B) Insuring only individuals having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in the management thereof; or
(C) Insuring only individuals otherwise having an insurable interest in each other's lives.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-83-101
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:23-83-101
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 009552faac95a0fc599898eef9a735b44f77f484e7793b71946400a648a0187f
Source location: content.xml paragraph 50347
Stored source content
23-83-101. Group contracts must meet group requirements.
(a) Except when specifically provided otherwise, “policy” as used in this chapter shall include both life insurance and annuities.
(b)(1) No policy shall be delivered in this state insuring the lives of more than one (1) individual with or without one (1) or more members of the family or one (1) or more dependents, or covering one (1) or more members of the family or one (1) or more dependents of the group of persons, unless to one (1) of the groups as provided for in §§ 23-83-102 — 23-83-107 and unless in compliance with the other applicable provisions of this chapter.
(2) Subdivision (b)(1) of this section shall not apply to policies:
(A) Insuring only individuals related by blood, marriage, or legal adoption;
(B) Insuring only individuals having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in the management thereof; or
(C) Insuring only individuals otherwise having an insurable interest in each other's lives.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-83-102. Employee groups.
A policy issued to an employer or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, shall be subject to the following requirements:
(1)(A) The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any classes thereof.
(B) The policy may provide that the term “employees” shall include the employees of one (1) or more subsidiary corporations and the employees, individual proprietors, and partners of one (1) or more affiliated corporations, proprietorships, or partnerships if the business of the employer and of the affiliated corporations, proprietorships, or partnerships is under common control.
(C) The policy may provide that the term “employees” shall include the individual proprietor or partners if the employer is an individual proprietorship or partnership.
(D) The policy may provide that the term “employees” shall include retired employees and directors of a corporate employer.
(E) A policy issued to insure the employees of a public body may provide that the term “employees” shall include elected or appointed officials;
(2) The premium for the policy shall be paid either from the employer's funds or from funds contributed by the insured employees, or from both. Except as provided in subdivision (3) of this section, a policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, except those who reject the coverage in writing; and
(3) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-83-102
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 23-83-102. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-83-107. Restrictions on coverage of other groups.
Group insurance offered to a resident of this state under a group policy issued to a group other than one described in §§ 23-83-102 — 23-83-106 shall be subject to the following requirements:
(1) No group policy or certificate shall be delivered in this state unless the Insurance Commissioner finds that:
(A) The issuance of the group policy is not contrary to the best interest of the public;
(B) The issuance of the group policy would be actuarially sound;
(C) The issuance of the group policy would result in economies of acquisition or administration; and
(D) The benefits are reasonable in relation to the premiums charged;
(2) The premium for the policy shall be paid either from the policyholder's funds or from funds contributed by the covered persons, or from both;
(3) The commissioner may issue rules implementing the requirements of subdivision (1) of this section; and
(4) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-83-107
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 23-83-107. This identifies an authority to review, not proof of applicability.