Arkansas § 23-81-116 Life insurance - Holding of proceeds

Arkansas Statutes

§ 23-81-116 — Life insurance - Holding of proceeds

Arkansas § 23-81-116

Title23

This text of Arkansas § 23-81-116 (Life insurance - Holding of proceeds) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-81-116 (2026).

Text

(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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(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.