AR| The Arkansas Insurance Department’s Bulletin No. 10-2025, issued August 4, 2025, rescinds Bulletin 8-2009 and advises that life insurers are no longer required to use the department’s specific replacement memorandum format when replacing life insurance policies or annuity contracts. Under the Life Insurance and Annuities Replacement Rule (23 CAR pt. 128), replacing producers must still obtain a memorandum signed by both the producer and applicant when an existing policy or annuity is being replaced, but insurers may now use their own forms as long as they clearly compare the existing and new products. Comparisons should include key details such as premiums, contract and surrender values, death benefits, interest rates, surrender charges, withdrawal provisions, bonuses, riders, and other significant terms.
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