§ 23-80-204 - Applicability. - Arkansas Statutes

23-80-204. Applicability.

(a) This subchapter shall apply to all policies delivered or issued for delivery in this state by any company on or after the date the forms must be approved under this subchapter.

(b) However, nothing in this subchapter shall apply to:

(1) Any policy which is a security subject to federal jurisdiction;

(2) (A) Any group policy covering a group of one thousand (1,000) or more lives at date of issue, other than a group credit life insurance policy or a group credit disability insurance policy.

(B) However, this subdivision (b)(2) shall not exempt any certificate issued pursuant to a group policy delivered or issued for delivery in this state;

(3) Any group annuity contract which serves as a funding vehicle for pension, profit-sharing, or deferred compensation plans;

(4) Any form used in connection with, as a conversion from, as an addition to, or in exchange pursuant to a contractual provision for, a policy delivered or issued for delivery on a form approved or permitted to be issued prior to the dates the forms must be approved under this subchapter; or

(5) The renewal of a policy delivered or issued for delivery prior to the dates the forms must be approved under this subchapter.

(c) No other statute of this state setting language simplification standards shall apply to any policy forms.

(d) Any non-English language policy delivered or issued for delivery in this state shall be deemed to be in compliance with 23-80-206(a)(1) if the insurer certifies that the policy is translated from an English language policy which does comply with 23-80-206(a)(1).