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23-87-109. Term.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-87-109. Term.
(a)(1) Subject to acceptance by the insurer, the term of any credit life insurance or credit disability insurance shall commence on the date when the debtor becomes obligated to the creditor.
(2) However, when a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to that indebtedness shall commence on the effective date of the policy.
(b) The term of the insurance shall not extend more than fifteen (15) days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor.
(c) If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness.
(d) In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in § 23-87-113.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-87-109
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:23-87-109
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: aff6d6580ef45dc5905602033dc6efb245c6219d032c89e4f55ed10cba53cee0
Source location: content.xml paragraph 52879
Stored source content
23-87-109. Term.
(a)(1) Subject to acceptance by the insurer, the term of any credit life insurance or credit disability insurance shall commence on the date when the debtor becomes obligated to the creditor.
(2) However, when a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to that indebtedness shall commence on the effective date of the policy.
(b) The term of the insurance shall not extend more than fifteen (15) days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor.
(c) If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness.
(d) In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in § 23-87-113.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-87-113. Premiums and refunds.
(a)(1) Each insurer issuing credit life insurance or credit disability insurance shall file with the Insurance Commissioner its schedules of premium rates for use in connection with the insurance.
(2) Any insurer may revise the schedule from time to time and shall file the revised schedules with the commissioner.
(3) No insurer shall issue any credit life insurance policy or credit disability insurance policy for which the premium rate exceeds that determined by the schedules of the insurer as then on file with the commissioner.
(4) The commissioner may require the filing of the schedule of premium rates for use in connection with and as a part of the specific policy filings as provided by § 23-87-112.
(5)(A) The commissioner shall have exclusive jurisdiction to approve all credit life insurance and credit disability insurance rates, policies, group certificates of insurance and related notices, applications, binders, endorsements, and riders issued in this state.
(B) Rates regarding credit life insurance or credit disability insurance that have been promulgated or approved by the commissioner are deemed to be valid unless changed under the Arkansas Insurance Code or the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
(C)(i) There shall be no private cause of action for challenging credit life insurance or credit disability insurance rates that have been promulgated or approved by the commissioner.
(ii) Any action or process challenging or questioning the validity of credit life insurance and credit disability rates approved by the commissioner shall be brought only in the State Insurance Department under applicable provisions of the Arkansas Insurance Code or under procedures established by the Arkansas Admini
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-87-113
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 23-87-113. This identifies an authority to review, not proof of applicability.