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054.00.6-2. DEFINITIONS

AR ADC 054.00.6-2Arkansas Administrative Code

West's Arkansas Administrative Code
Title 054. Insurance Department
Division 00.
Rule 6. Rule and Regulation Pertaining to Variable Annuity Contracts
Ark. Admin. Code 054.00.6-2
054.00.6-2. DEFINITIONS
Currentness
2.1 The term “variable contract,” when used in this Regulation, shall mean any policy or contract which provides for life insurance or annuity benefits which vary according to the investment experience of any separate account or accounts maintained by the insurer as to such policy or contract, as provided for in Arkansas Stat. H 66-2633 and 66-3523.
2.2 “Agent,” when used in this Regulation, shall mean any person, corporation, partnership, or other legal entity which under the laws of this State is licensed as a life insurance agent or broker.
2.3 “Variable contract agent,” when used in this Regulation, shall mean an agent who shall sell or offer to sell any variable contract.
2.4 The term “securities examination” as used in Paragraphs 9.3 and 9.5 of this Regulation shall mean any one of the following examinations:
(a) Any State Securities Sales Examination accepted by the Securities and Exchange Commission;
(b) The National Association of Securities Dealers, Inc.Examination for Principals, or Examination for Qualification as a Registered Representative;
(c) The various securities examinations required by the New York Stock Exchange, the American Stock Exchange, Pacific Stock Exchange, or any other registered national securities exchange;
(d) The Securities and Exchange Commission test given pursuant to Section 15(b)(8) of the Securities Exchange Act of 1934;
(e) Part I of the examination recommended for the testing of variable annuity agents by the National Association of Insurance Commissioners, which was adopted by the Insurance Department of any State or Territory of the United States and which was approved for use by such Department by the Securities and Exchange Commission, if such examination was successfully completed prior to July 1, 1970.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.6-2, AR ADC 054.00.6-2
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