When credit life insurance or credit disability insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or her or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 87 - Model Act for the Regulation of Credit Life Insurance and Credit Disability Insurance
§ 23-87-110. Provisions of policies and certificates of insurance
§ 23-87-111. Delivery of policy or certificate
§ 23-87-112. Filing, approval, and withdrawal of policies, certificates, notices, etc
§ 23-87-113. Premiums and refunds
§ 23-87-114. Issuance of policies
§ 23-87-116. Debtor's choice of insurer as additional security