(a) This subchapter may be cited as the “Arkansas Credit for Reinsurance Law”. (b) All reserves ceded to a nonadmitted reinsurer on insurance written in this state shall be subject to the provisions of this subchapter.
(a) Reinsurance of insurance risks by domestic and foreign insurance companies is also regulated under the provisions of §§ 23-62-201, 23-62-202, 23-62-204, and 23-62-205. (b) (1) The purpose of this subchapter is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The General Assembly declares its intent is to […]
Deposits and funds withheld under reinsurance treaties shall be reported in the annual statement in the exhibit entitled “Special Deposits Not for the Protection of All Policyholders”.
The Insurance Commissioner shall have the right to examine any of the reinsurance agreements or deposit arrangements of the ceding insurer at any time.
(a) (1) A domestic ceding insurer shall be allowed credit for reinsurance as an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of this section. (2) Credit shall be allowed under subsection (b), subsection (c), or subsection (d) of this section only for cessions of […]
(a) An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of § 23-62-305 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer. (b) The reduction shall be in the amount of funds held by or […]
(a) For purposes of § 23-62-306(c)(3), a “qualified United States financial institution” means an institution that: (1) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof; (2) Is regulated, supervised, and examined by United States federal […]
The Insurance Commissioner may adopt rules implementing this subchapter.
Sections 23-62-305 — 23-62-307 apply to any cession of a reinsurance agreement if that reinsurance agreement has an inception, anniversary, or renewal date not less than six (6) months after July 22, 2015.
