Arkansas Insurance Department Rules on Life Insurance Disclosure and Advertisements of Life Insurance and Annuities, 23 CAR pts. 85 and 130 (REGULATIONS, not Ark. Code Ann.)

What this document is

Arkansas Insurance Department Rules on Life Insurance Disclosure and Advertisements of Life Insurance and Annuities, 23 CAR pts. 85 and 130 (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 § 85-104(a)(1) (Duties of Insurers and Producers: Buyer's Guide Delivery)

  “The insurer shall provide a buyer’s guide to all prospective purchasers prior to accepting the applicant's initial premium or premium deposit. (B) However, if the policy for which application is made contains an unconditional refund provision of at least ten (10) days, the buyer’s guide may be...”

• 23 CAR § 85-106 (Failure to Comply)

  “Failure of an insurer to provide or deliver a buyer’s guide, a policy summary, or policy data shall constitute an omission that misrepresents the benefits, advantages, conditions, or terms of an insurance policy.”

• 23 CAR § 85-105(b)(1) (General Rules: Producer Identification)

  “An insurance producer shall: (A) Inform the prospective purchaser prior to commencing a life insurance sales presentation that he or she is acting as a life insurance producer; and (B) Inform the prospective purchaser of the full name of the insurance company which the insurance producer is representing to the buyer.”

• 23 CAR § 130-103(b)(1) (Applicability: Responsibility for Advertisements)

  “All advertisements, regardless of by whom written, created, designed, or presented, shall be the responsibility of the insurer, as well as the producer who created or presented the advertisement.”

• 23 CAR § 130-105(i)(6) (Disclosure Requirements: Premiums)

  “An advertisement shall not use the term “vanish” or “vanishing premium”, or a similar term that implies the policy becomes paid up, to describe a plan using nonguaranteed elements to pay a portion of future premiums.”

• 23 CAR § 130-105(c) (Disclosure requirements: nonmedical and no medical examination terms)

  “In the event an advertisement uses “nonmedical”, “no medical examination required”, or similar terms where issue is not guaranteed, terms shall be accompanied by a further disclosure of equal prominence and in juxtaposition thereto to the effect that issuance of the policy may depend upon the...”

• 23 CAR § 85-104(a)(1) (Duties of insurers and producers: buyer's guide delivery)

  “(A) The insurer shall provide a buyer’s guide to all prospective purchasers prior to accepting the applicant's initial premium or premium deposit. (B) However, if the policy for which application is made contains an unconditional refund provision of at least ten (10) days, the buyer’s guide may be...”

• 23 CAR § 85-104(a)(2)(B)(v) (Duties of insurers and producers: policy summary delivery)

  “(v) Delivery of the policy summary shall be consistent with the time for delivery of the buyer’s guide as specified in subdivision (a)(1) of this section.”

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