Ark. Code Ann. § 23-81-133: Registered life insurance policies and annuity contracts - Mutilated or surrendered policies

The Insurance Commissioner shall cancel mutilated or surrendered policies, annuity bonds, and contracts issued by any insurers subject to § 23-81-130 when surrendered to the commissioner and for the purpose of cancellation and certify other like policies, bonds, or contracts when issued in lieu thereof.