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054.00.6-10. INFORMATION TO BE FURNISHED AN APPLICANT FOR A VARIABLE CONTRACT

AR ADC 054.00.6-10Arkansas 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 054.00.6-10
054.00.6-10. INFORMATION TO BE FURNISHED AN APPLICANT FOR A VARIABLE CONTRACT
Currentness
10.1 The following information shall be furnished to an applicant for a variable life insurance contract prior to execution of the application:
(a) A summary description of the insurance company and its principal activities.
(b) A summary explanation in nontechnical terms of the principal variable features of th6 contract and of the manner in which any variable benefits reflect the investment experience of a separate account.
(c) A brief description of the investment policy for the separate account with respect to such contract.
(d) A list of investments in the separate account as of a date not earlier than the end of the last year for which an annual statement has been filed with the Commissioner of the state of domicile.
(e) Summary financial statements of the insurance company and such separate account based upon the last annual statement filed with such Commissioner, except that for a period of four months after the filing of any annual statement, the summary required hereby may be based upon the annual statement, immediately preceding such last annual statement, filed with such Commissioner.
The insurance company may include such additional information as it deems appropriate. A copy of the statement containing the foregoing information shall be filed with such Commissioner prior to any use thereof and shall be subject to disapproval if found to be inaccurate or misleading.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.6-10, AR ADC 054.00.6-10
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