2021 Arkansas Insurance Legislation Summary: Act 925 Prohibits Life Insurance/Annuity Beneficiary Change through Will
By EsqSocial Corporation 29/06/21
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....
By: Mitchell, Williams, Selig, Gates & Woodyard,