Stats in Your State
Life insurance has a bigger impact on Arkansas’ economy than you probably realized – billions of dollars in benefits are paid out each year, making the industry a crucial part of the Arkansas economy. Read on to learn more about life insurance in Arkansas.
Life Insurance in Arkansas
Nearly $2.5 billion was paid out to Arkansas beneficiaries in 2011 alone, making life insurance a silent but steady contributor to thousands of families in Arkansas.
|Number of Licensed Life Insurers||518|
|Total Life Insurance Coverage||$178 billion|
|Average Policyholder Coverage||$68,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$2 billion**|
|Amount of Paid Annuity Benefits in 2011||$475 million|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
Over 7,000 Arkansas residents rely on government administered life insurance programs each year, with the majority of those being veterans, servicemen and women.
The Life Insurance Industry: Beyond Insuring You
Thousands of Arkansas jobs stem from the life insurance industry; life insurers regularly invest billions in Arkansas’ economy.
|Job creator||Roughly 9,000 Arkansas jobs are generated by the life insurance industry, which is comprised of 4,000 non-insurance employees and 5,000 direct employees.|
|Invested in Arkansas 's Economy||Approximately $30 billion in investments have been made in Arkansas’ economy|
Rules in Your State
To better understand how your life insurance policy is governed, it’s best to know the rules in your state and how they affect life insurers. The Arkansas Insurance Code sets forth specific guidelines for life insurers and their policies. Click the following links to learn more about each.
Arkansas Insurance Code: Chapter 81, Life Insurance Policies
Chapter 81 of the Insurance Code regulates life insurance policies in Arkansas and sets forth the specific rules by which insurers must operate in the state.
Arkansas Insurance Department Rules
The Arkansas Insurance Department Rules stipulate how insurers must practice their trade across all aspects of their business and their policies. Click the link above to learn more about how the industry is governed.
Representatives & Resources in Your State
Use the following links to reach out to your local government for assistance with a claim or a complaint, to learn more about life insurance policies in Arkansas, and to review the guarantors behind your life insurance policy.
Arkansas Life and Health Insurance Guaranty Association
425 West Capitol Avenue, Suite 3700
Little Rock, AR 72201
The Arkansas Life and Health Insurance Guaranty Association backs up your insurance policy to ensure that it will be effective even if your insurer withdraws from the insurance market or becomes financially insolvent.
Arkansas Insurance Department
1200 West Third Street
Little Rock, AR 72201-1904
800-282-9134 or 501-371-2600
Consumer Complaint Resource
Use the above link to file a complaint against a difficult insurance company and to seek assistance from the Insurance Department.
Insurance Department Consumer Brochures
The Insurance Department has published numerous consumer-friendly brochures to educate and empower consumers to better understand different types of life insurance policies in Arkansas.