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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 benef ....
Hot Properties, June 29, 2021 gsabusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gsabusiness.com Daily Mail and Mail on Sunday newspapers.