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054.00.17-4. Scope

AR ADC 054.00.17-4Arkansas Administrative Code

West's Arkansas Administrative Code
Title 054. Insurance Department
Division 00.
Rule 17. Life Insurance Disclosure.
Ark. Admin. Code 054.00.17-4
054.00.17-4. Scope
Currentness
A. Except for the exemptions specified in Section 4B, this rule shall apply to any solicitation, negotiation or procurement of life insurance occurring within this state. Section 6B shall apply only to an existing nonexempt policy held by a policyowner residing in this state. This rule shall apply to any issuer of life insurance contracts including fraternal benefit societies.
B. This rule shall not apply to:
(1) Individual and group annuity contracts;
(2) Credit life insurance;
(3) Group life insurance;
(4) Life insurance policies issued in connection with pension and welfare plans as defined by and which are subject to the federal Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. §§ 1001, et seq., as amended;
(5) Variable life insurance under which the amount or duration of the life insurance varies according to the investment experience of a separate account; or
(6) Any life insurance policy or certificate that is issued to fund a prepaid funeral benefits contract as defined in Ark. Code Ann. § 23-40-103(10) or any similar policy 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.

Credits

Amended July 15, 2009.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.17-4, AR ADC 054.00.17-4
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