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054.01.82-4. Exemptions

AR ADC 054.01.82-4Arkansas Administrative CodeEffective: January 8, 2021

West's Arkansas Administrative Code
Title 054. Insurance Department
Division 01. Legal Division
Rule 82. Suitability in Annuity Transactions
Effective: January 8, 2021
Ark. Admin. Code 054.01.82-4
Formerly cited as AR ADC 054.00.82-4
054.01.82-4. Exemptions
Currentness
Unless otherwise specifically included, this Rule shall not apply to transactions involving:
A. Direct response solicitations where there is no recommendation based on information collected from the consumer pursuant to this Rule;
B. Contracts used to fund:
(1) An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA);
(2) A plan described by sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the Internal Revenue Code (IRC), as amended, if established or maintained by an employer;
(3) A government or church plan defined in section 414 of the IRC, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization under section 457 of the IRC; or
(4) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
C. Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
D. Any annuity contract or certificate that is issued to fund a prepaid funeral benefits contract as defined in Ark. Code Ann. § 23-40-103(15) or any similar annuity contract written through or in connection with a funeral home with the purpose of providing funds for final expenses and having similar underwriting characteristics as prepaid funeral benefits contracts, or any annuity contract or certificate that is issued to fund a prearrangement as defined in Ark. Code Ann. § 23-40-103(14).

Credits

Amended July 15, 2009; Jan. 8, 2021.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.01.82-4, AR ADC 054.01.82-4
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