2021 Arkansas Insurance Legislation Summary: Act 925 Prohibi

2021 Arkansas Insurance Legislation Summary: Act 925 Prohibits Life Insurance/Annuity Beneficiary Change through Will | Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C.


This is the sixth and final article in a series of summaries of Insurance legislation from the 93rd Arkansas General Assembly.
In a surprising move, the Arkansas General Assembly overrode long-standing Arkansas common law that permits an insured to change a beneficiary of an insurance policy via will. On April 26, 2021, Governor Asa Hutchison signed HB1801 (Act 925) that expressly prohibits changing the designated or named beneficiary of a life insurance policy or annuity contract by will and requires beneficiary changes to be made in compliance with the terms of the life insurance policy or annuity contract.
The rule in the vast majority of states is that an insured must follow the method stated in a life insurance policy for changing a beneficiary. Since 1937, however, Arkansas law has held that a beneficiary change can be accomplished by will as long as the will is sufficiently specific to identify the insurance policy involved and indicate an intent to change the beneficiary.[1] The Arkansas Court of Appeals has also suggested that the beneficiary of an individual retirement account may be changed by will.[2] One example of a will deemed sufficient to change the beneficiary in a life insurance policy stated:

Related Keywords

Arkansas , United States , John Odom , Kindell Mckamie , Asa Hutchison , Kindell Whisenant , Robertm Mckamie , Arkansas Court , First National Bank , Arkansas General , Arkansas General Assembly , Governor Asa Hutchison , Last Will , National Bank , ஆர்கன்சாஸ் , ஒன்றுபட்டது மாநிலங்களில் , ஜான் ஓடோம் , என ஹட்ச்சன் , ஆர்கன்சாஸ் நீதிமன்றம் , முதல் தேசிய வங்கி , ஆர்கன்சாஸ் ஜநரல் , ஆர்கன்சாஸ் ஜநரல் சட்டசபை , கவர்னர் என ஹட்ச்சன் , கடந்த விருப்பம் , தேசிய வங்கி ,

© 2025 Vimarsana