Arkansas Insurance Department Rule on Life Insurance and Annuities Replacement, 23 CAR pt. 128 (REGULATION, not Ark. Code Ann.)

What this document is

Arkansas Insurance Department Rule on Life Insurance and Annuities Replacement, 23 CAR pt. 128 (REGULATION, 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 § 128-106(3) (Duties of the Existing Insurer: Notice on Release of Policy Values)

  “(3)(A) Upon receipt of a request to borrow, surrender, or withdraw any policy values, send a notice, advising the policy owner that the release of policy values may affect the guaranteed elements, nonguaranteed elements, face amount, or surrender value of the policy from which the values are...”

• 23 CAR § 128-103(b) (Duties of Producers: Replacement Notice)

  “(3) The notice shall be signed by both the applicant and the producer attesting that the notice has been read aloud by the producer or that the applicant did not wish the notice to be read aloud (in which case the producer need not have read the notice aloud) and left with the applicant.”

• 23 CAR § 128-105(a) (Duties of Replacing Insurers That Use Producers)

  “(a) Where a replacement is involved in the transaction, the replacing insurer shall: (1) Verify that the required forms are received and are in compliance with this part; (2) Notify any other existing insurer that may be affected by the proposed replacement within five (5) business days of receipt...”

• 23 CAR § 128-103(d) (Duties of Producers: Sales Material)

  “(d)(1) In connection with a replacement transaction the producer shall leave with the applicant at the time an application for a new policy or contract is completed the original or a copy of all sales material. (2) With respect to electronically presented sales material, it shall be provided to the...”

• 23 CAR § 128-103(a) (Duties of Producers: Statement on Existing Policies)

  “(a)(1) A producer who initiates an application shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the producer as to whether the applicant has existing policies or contracts. (2) If the answer is “no”, the producer’s duties with respect to...”

• 23 CAR pt. 128 s. 128-107(a) (Duties of insurers with respect to direct-response solicitations)

  “(a)(1) In the case of an application that is initiated as a result of a direct-response solicitation, the insurer shall require, with or as part of each completed application for a policy or contract, a statement asking whether the applicant, by applying for the proposed policy or contract, intends...”

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