Committee approves bill to make named life‑insurance beneficiaries superior to later wills

Representative Reginald Murdock told the committee that House Bill 18‑01 was prompted by a constituent and developed with the Arkansas insurance department to clarify that a named beneficiary on a life‑insurance contract should receive policy proceeds and that a subsequent will cannot override the contract.

“All of this simply does is make sure that that contract, which is the benefit which is the life insurance policy ... is honored,” Murdock said, describing the bill as aligning state practice with other states.

Senator Elliott raised a scenario where the insured and the beneficiary die simultaneously and asked whether proceeds would instead be handled through probate. A representative from the insurance department (identified in the transcript as Sylvia) confirmed such cases would go through probate. Farm Bureau representative Bobby Bowen told the committee that many policyholders list contingent beneficiaries to address catastrophic scenarios where primary and contingent beneficiaries might die together.

Senators discussed cross‑references to existing code sections to ensure consistency; the insurance department said the bill aims to make testate law conform to the particular insurance provisions cited. The committee adopted a motion and passed the bill by voice vote; no roll‑call tally appears in the transcript.

The bill, as discussed, clarifies contractual priority for beneficiaries but leaves more complex succession questions (for simultaneous deaths, contingent beneficiaries, or the absence of listed beneficiaries) to existing probate processes.

Next steps: the committee voted the bill out by voice vote and it proceeds within Senate scheduling.