AR SB290

Amends Arkansas Code § 23-81-903(1) to clarify that "contract" under the Unclaimed Life Insurance Benefits Act means an annuity contract, excluding annuity contracts used to fund employment-based retirement plans where the insurer does not perform recordkeeping services or is not required to pay death benefits to specific plan participants.

Excludes annuities used to fund funeral or related expenses or prepaid funeral benefits contracts from the definition of "contract" under the Act.

Amends Arkansas Code § 23-81-903(5) to clarify that "policy" means a policy or certificate of life insurance issued in Arkansas that provides a death benefit.

Excludes from "policy" definition: life insurance under defined employee benefit pension plans or federal employee benefit programs; policies funding preneed or prepaid funeral contracts; credit life or accidental death insurance; and group master policies where the insurer does not provide recordkeeping services.

Bill approved March 3, 2017.