Arkansas Statutes
§ 23-81-116 — Life insurance - Holding of proceeds
Arkansas·Title 23
(a)Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder.
(b)Upon maturity of a policy, by death in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries.
(c)The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets.
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Related
Miller v. Cothran
280 S.W.3d 580 (Court of Appeals of Arkansas, 2008)
Legislative History
Acts 1959, No. 148, § 334; A.S.A. 1947, § 66-3325.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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