Arkansas Code Title 23, Subtitle 3, Chapter 81, Subchapter 8 - Life Settlements Act

• § 23-81-801 - Short Title.
  This subchapter shall be known and may be cited as the "Life Settlements Act".
• § 23-81-802 - Definitions.
  As used in this subchapter: (1) "Advertisement" means any written, electronic, or printed communication or any communication by means of recorded telephone messages or...
• § 23-81-803 - Licensing Requirements.
  (a) A person, wherever located, shall not act as a provider or broker with an owner or multiple owners who is a resident of...
• § 23-81-804 - License Suspension, Revocation, or Refusal to Renew.
  (a) The Insurance Commissioner may suspend, revoke, or refuse to renew the license of any licensee if the commissioner finds that: (1) There was...
• § 23-81-805 - Contract Requirements.
  (a) A person shall not use any form of life settlement contract in this state unless it has been filed with and approved, if...
• § 23-81-806 - Reporting Requirements and Privacy.
  (a) (1) (A) For any policy settled within five (5) years of policy issuance, each provider shall file with the Insurance Commissioner on or...
• § 23-81-807 - Examination.
  (a) (1) When the Insurance Commissioner deems it reasonably necessary to protect the interests of the public, the commissioner may examine the business and...
• § 23-81-808 - Advertising.
  (a) (1) A broker or provider licensed pursuant to this subchapter may conduct or participate in advertisements within this state. (2) Advertisements shall comply...
• § 23-81-809 - Disclosures to Owners.
  (a) The provider or broker shall provide in writing in a separate document that is signed by the owner and provider or broker the...
• § 23-81-810 - Disclosure to Insurer.
  (a) Without limiting the ability of an insurer from assessing the insurability of a policy applicant and determining whether or not to issue the...
• § 23-81-811 - General Rules.
  (a) A provider entering into a life settlement contract with any owner of a policy when the insured is terminally or chronically ill shall...
• § 23-81-812 - Authority to Promulgate Rules -- Conflict of Laws.
  (a) The Insurance Commissioner may promulgate rules implementing this subchapter regulating the activities and relationships of providers, brokers, insurers, and their agents, subject to...
• § 23-81-813 - Prohibited Practices.
  (a) It is unlawful for any person to: (1) Enter into a life settlement contract if the person knows or reasonably should have known...
• § 23-81-814 - Fraud Prevention and Control.
  (a) Fraudulent Life Settlement Act, Interference, and Participation of Convicted Felons Prohibited. (1) A person shall not commit a fraudulent life settlement act. (2)...
• § 23-81-815 - Injunctions -- Civil Remedies -- Cease and Desist.
  (a) In addition to the penalties and other enforcement provisions of this subchapter, if any person violates this subchapter or any rule implementing this...
• § 23-81-816 - Penalties.
  (a) It is a violation of this subchapter for any person, provider, broker, or any other party related to the business of life settlements...
• § 23-81-817 - Unfair Trade Practices.
  A violation of §§ 23-81-801 -- 23-81-816 shall be considered an unfair trade practice pursuant to § 23-66-206 and shall be subject to the...
• § 23-81-818 - Effective Date.
  (a) (1) A provider lawfully transacting business in this state before July 31, 2009, may continue to do so pending approval or disapproval of...

Last modified: November 15, 2016