(1) All pertinent provisions of the Arkansas Insurance Code shall apply to separate accounts and contracts relating to those accounts, except: Sections 23-81-122, 23-81-127, and 23-81-128 in the case of a variable annuity contract;
(2) Sections 23-81-104, 23-81-109 — 23-81-111, and the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq., in the case of a variable life insurance policy;
(3) Section 23-83-109 in the case of group variable life insurance; and
(4) As otherwise provided in this subchapter.
(5) Any group or individual variable life insurance contract or annuity contract delivered or issued for delivery in this state shall contain grace, reinstatement, and nonforfeiture provisions appropriate to the contract.
(6) The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guaranteed.