Derrick Smith (Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C.): 2021 Arkansas Insurance Legislation Summary: Act 925 Prohibits Life Insurance/Annuity Beneficiary Change through Will (June 29, 2021)

Derrick Smith, of Mitchell, Williams, Selig, Gates & Woodyard, P.L.L.C., has
made available for download his article, “2021 Arkansas Insurance Legislation Summary: Act 925 Prohibits Life Insurance/Annuity Beneficiary Change through Will,” published in JDSUPRA. The abstract is as follows:

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.

Click here to view Derrick Smith’s summary of “2021 Arkansas Insurance Legislation Summary: Act 925 Prohibits Life Insurance/Annuity Beneficiary Change through Will.”

Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.