(a)
- (1) Except for the exemptions specified in subsection (b) of this section, this part shall apply to any solicitation, negotiation, or procurement of life insurance occurring within this state.
- (2) 23 CAR § 85-104(b) of this part shall apply only to an existing nonexempt policy held by a policy owner residing in this state.
- (3) This part shall apply to any issuer of life insurance contracts including fraternal benefit societies.
(b) This part shall not apply to:
- (1) Individual and group annuity contracts;
- (2) Credit life insurance;
- (3) Group life insurance;
- (4) Life insurance policies issued in connection with pension and welfare plans as defined by and which are subject to the federal Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. § 1001 et seq., as amended;
- (5) Variable life insurance under which the amount or duration of the life insurance varies according to the investment experience of a separate account; or
- (6) Any life insurance policy or certificate that is issued to fund a prepaid funeral benefits contract as defined in Arkansas Code § 23-40-103(15) or any similar policy written through or in connection with a funeral home with the purpose of providing funds for final expenses and having similar underwriting characteristics as prepaid funeral benefits contracts.