Arkansas has adopted the Model Replacement Regulation effective January 1, 2010. The model replacement form #ET-RPL-4900 is available on AppBuilder and can be used immediately, but will not be required until January 1st.

The model replacement form applies whenever the client has existing life insurance or annuities, regardless of whether or not the policy is being replaced. Please see the replacement section of the EquiTrust Business Guidelines for further information.

In addition to the replacement form, Arkansas has prescribed a Comparative Information Form #ET-RPL-4906AR that is used to compare the replaced contract to the contract being applied for. This Comparative Information Form is to be used ONLY in replacement situations. This form is available on AppBuilder and can be used immediately, but will not be required until January 1st.

Here are some guidelines for the use of the Comparative Information Form:

- It must be completed and given to the applicant, and a copy must be sent to our office with the new business paperwork.

- It must be used with every application that involves a replacement of a life insurance policy or annuity contract.

- If there is more than one contract being replaced, a Comparative Information Form should be completed for each replaced contract.

- This form may be used as a supplemental source of information in the Financial Needs Analysis process.

- The company and the agent shall retain copies of the Comparative Information Form for 5 years.

- A comparison of all appropriate provisions must be made, and this may vary depending on the product. The agent must make a reasonable attempt to complete all applicable fields.

The Free Look Period will be extended to 30 days for replacement policies issued on or after January 1st.