Refund Of Unearned Life Insurance Premiums And Payment Of Benefits Upon Death Of The Insured

• • £ STET fia a W. H. L. Woodyard III Insurance Commissioner ARKANSAS INSURANCE DEPARTMENT 400 University Tower Building ■ Little Rock, Arkansas 72204 July 11, 1979 Ph. 501 371-1325 BULLETIN NO. 15-79 TO: ALL LIFE AND DISABILITY INSURERS RE: REFUND OF UNEARNED LIFE INSURANCE PREMIUMS AND PAYMENT OF BENEFITS UPON DEATH OF THE INSURED Act 312 of 1979, to be effective July 19, 1979, provides for the refund of unearned life insurance premiums upon the death of the insured. Also, when proceeds of any individual life insurance policy or refunds of premiums on any policy of individual life insurance is not paid within a reasonable period of time after proof of death of the insured has been furnished to the insurer, the insurer shall pay interest upon the proceeds or refunds of premiums. All proceeds shall be paid within a reasonable length of time, but in no case to exceed thirty days after proof of death has been furnished to the insurer. All individual life insurance policy forms approved prior to July 19, 1979, shall be administered in accordance with this Act. It is the responsibility of the insurer to notify all claims personnel. No individual life insurance policy forms will be approved as of July 19, 1979, that do not contain the provisions outlined above. W. H. L. Woodyard,,/ III Insurance Commissioner AN AGENCY OF THE ARKANSAS DEPARTMENT OF COMMERCE An equal opportunity employer