§ 23-81-903 — Definitions

Arkansas § 23-81-903

• Jurisdiction: Arkansas
• Title: 23

Text

As used in this subchapter: (1) (A) "Contract" means an annuity contract. (B) "Contract" does not include: (i) An annuity contract used to fund an employment-based retirement plan or program in which an insurer: (a) Does not perform recordkeeping services; or (b) Is not required to pay death benefits to the beneficiaries of a specific plan participant by terms of the annuity contract; or (ii) An annuity used to fund a funeral or related expenses or a prepaid funeral benefits contract; (2) "Death master file" means a comprehensive database or source of death information used to verify the death of an individual maintained by the Division of Vital Records, the Social Security Administration, or other database or service; (3) "Death master file match" means locating a Social Security number or the name and date of birth of an insured, annuity owner, or retained asset account holder in a search of a death master file; (4) "Knowledge of death" means: (A) Receipt of an original or valid copy of a death certificate issued by the state or a political subdivision of the state; or (B) A death master file match validated by an insurer under § 23-81-904(c)(1)(A) ; (5) (A) "Policy" means a policy or certificate of life insurance issued in this state that provides a death benefit. (B) "Policy" does not include: (i) A policy or certificate of life insurance that provides a death benefit under: (a) A defined employee benefit pension plan, as defined in section 3(35) of the Employee Retirement Income Security Act of 1974, Pub. L. No. 93-406; or (b) Any federal employee benefit program; (ii) A policy or certificate of life insurance that is used to fund a funeral or related expenses or a prepaid funeral benefits contract; (iii) A policy or certificate of credit life or accidental death insurance; or (iv) A policy issued to a group master policyholder for which the insurer does not provide recordkeeping services; (6) "Recordkeeping services" means services under a group policy or contract between an insurer and a group policy or contract customer to obtain, maintain, and administer on behalf of the insured a list of the individuals who are insured under a group insurance contract or a line of coverage, including an individual's: (A) Social Security number or name and date of birth; (B) Beneficiary designation information; (C) Coverage eligibility; (D) Benefit amount; and (E) Premium payment status; and (7) "Retained asset account" means a mechanism to deposit the settlement of proceeds payable under a policy or contract into a deposit account where the proceeds are retained by the insurer or its agent under a supplementary contract that only involves death benefits.

Legislative History

Amended by Act 2017, No. 368,§ 2, eff. 8/1/2017. Amended by Act 2017, No. 368,§ 1, eff. 8/1/2017. Added by Act 2015, No. 905,§ 1, eff. 7/22/2015, op. applicable to policies issued after June 30, 2016.