Life Insurance in Arkansas

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While Forbes magazine ranked Arkansas 21st among the Best States for Business, it is 9th for Business Cost and 9th for Growth Prospects. There are 567 life insurers licensed to do business in Arkansas and serve its nearly 3 million inhabitants.

The latest records, for 2006, indicate that Arkansas residents have $150 billion in death benefit coverage. They own 2 million individual life insurance policies, with coverage averaging $53,000 per policyholder. Group life insurance coverage amounts to $60 billion. Individual life insurance coverage purchased in 2006 in Arkansas totaled

Arkansas Offices Responsible for Life Insurance

Consumers who need life insurance or other insurance coverage can visit Arkansas's Insurance Department website to find helpful information such as whether a business's license is up to date or if any complaints have been lodged against a company. Should the consumer need to file a complaint, the site provides a Complaint form, along with instructions and advice.

If your insurance company has been declared insolvent, you may still be able to get your policies paid, by contacting the Arkansas Life & Health Insurance Guaranty Association, which was created by a statute in 1989. If a member company goes bankrupt, they will meet its liabilities.

The legal statutes that regulate life insurance are defined in Arkansas's Chapter 60. These regulations cover every step in the life insurance process including how companies become licensed and how they must conduct their business.

Contacting the Arkansas Insurance Department