Arkansas Insurance Department Rules on Annuity Disclosure and Suitability in Annuity Transactions, 23 CAR pts. 129 and 121 (REGULATIONS, not Ark. Code Ann.)

What this document is

Arkansas Insurance Department Rules on Annuity Disclosure and Suitability in Annuity Transactions, 23 CAR pts. 129 and 121 (REGULATIONS, not Ark. Code Ann.) is a regulation published by Arkansas Insurance Department, Code of Arkansas Rules. It is one of the Arkansas documents that insurance license exam questions are written from, including arkansas life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 23 CAR § 121-105(a)(2)(H) (Duties of insurers and producers, care obligation)

  “(H) The requirements under subdivision (a)(2)(A) of this section do not mean the annuity with the lowest one-time or multiple occurrence compensation structure shall necessarily be recommended.”

• 23 CAR § 121-105(a)(3)(B) (Duties of insurers and producers, disclosure obligation)

  “(B) Upon request of the consumer or the consumer's designated representative, the producer shall disclose: (i) A reasonable estimate of the amount of cash compensation to be received by the producer, which may be stated as a range of amounts or percentages; and (ii) Whether the cash compensation is...”

• 23 CAR § 129-104(c) (Standards for the disclosure document and Buyer's Guide)

  “Whenever projections for nonguaranteed elements of a contract are provided in the disclosure statement, equal prominence must be given to guaranteed elements.”

• 23 CAR § 129-104(a)(3) (Standards for the disclosure document and Buyer's Guide)

  “(3)(A) Where the Buyer's Guide and disclosure document are not provided at or before the time of application, a free look period of no less than ten (10) days shall be provided for the applicant to return the annuity contract without penalty. (B) This free look shall run concurrently with any other...”

• 23 CAR pt. 121 s. 121-105(a)(2)(D) (Duties of insurers and producers, no fiduciary obligation created)

  “(D) The requirements under this subsection do not create a fiduciary obligation or relationship and only create a regulatory obligation as established in this part.”

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