Bobby Bowen, one of the Arkansas Farm Bureau agents and a long-time NAIFA AR member, had a situation develop as a result of a 1930s state court case allowing a change to a beneficiary designation by a will instead of using the normal contract change documents. He knew that one of his deceased clients, who was a personal friend, did not intend for the will to change the original beneficiary designation on his annuity contract. So he went about getting a bill written for introduction in the 2021 Arkansas Legislative Session. His State Representative, Reginald Murdock, saw the merit of the proposal and introduced it in the House with quick passage by a 93-0 vote. Then Senator Joyce Elliott guided it through the Senate chamber with a 32-0 vote for quick passage also, and then Governor Hutchinson signed it into law as Act 925. Now Arkansas is in step with the majority of the states requiring beneficiaries to be changed within the affected life and/or annuity contract. All the credit goes to Bobby Bowen for recognizing a situation that needed to be corrected, and working tirelessly to get it done.
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NAIFA Arkansas Bill Tracker
NAIFA partners with one of the best state legislative tracking services in the country.
