As used in this subchapter: (1) “Affiliated company” means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management; (2) “Alien captive insurance company” means an insurance company formed to write insurance business for its parents and affiliates and […]
(a) When permitted by its organizational documents, a captive insurance company may apply to the Insurance Commissioner for a license to do all insurance, including workers’ compensation insurance, authorized by the Arkansas Insurance Code. However: (1) A pure captive insurance company shall not insure any risks other than those of its parent and affiliated companies […]
A captive insurance company may not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for, any other existing business name registered in this state.
(a) (1) The Insurance Commissioner shall not issue a license to a producer reinsurance captive insurance company, pure captive insurance company, sponsored captive insurance company, association captive insurance company incorporated as a stock insurer, or industrial insured captive insurance company incorporated as a stock insurer unless the company possesses and maintains unimpaired paid-in capital of: […]
(a) (1) The Insurance Commissioner shall not issue a license to a captive insurance company unless the company possesses and maintains unimpaired surplus of: (A) In the case of a producer reinsurance captive insurance company, not less than three hundred thousand dollars ($300,000); (B) In the case of a pure captive insurance company, not less […]
(a) A captive insurance company may be formed and operated in any form of business organization authorized under Arkansas law and approved by the Insurance Commissioner. (b) The alien captive insurance company may register to do business in this state after the commissioner’s certificate has been issued. (c) The capital stock of a captive insurance […]
(a) A captive insurance company shall not be required to make an annual report, except as provided under this subchapter. (b) (1) Before March 1 of each year, or within an extension of time that, upon good cause shown, has been granted by the Insurance Commissioner, a captive insurance company shall submit to the commissioner […]
(a) (1) At least one (1) time every three (3) years, or whenever the Insurance Commissioner determines it to be prudent, the commissioner or a person appointed by the commissioner shall visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations, and […]
(a) The license of a captive insurance company to conduct an insurance business in this state may be penalized, suspended, or revoked by the Insurance Commissioner for: (1) Insolvency or impairment of capital or surplus; (2) Failure to meet the requirements of §§ 23-63-1604 and 23-63-1605; (3) Refusal or failure to submit an annual report, […]
(a) (1) Except as provided in § 23-63-1614, an association captive insurance company, a producer reinsurance captive insurance company, a sponsored captive insurance company, and an industrial insured group shall comply with the investment requirements contained in the Arkansas Insurance Code. (2) The Insurance Commissioner may approve the use of alternative reliable methods of valuation […]
(a) A captive insurance company may provide reinsurance under the Arkansas Insurance Code, on risks ceded by any other insurer. (b) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers that are: (1) Complying with § 23-62-305(a)-(f); or (2) Not complying with § 23-62-305(a)-(f) upon approval […]
A captive insurance company may not be required to join a rating organization.
(a) A captive insurance company, including a captive insurance company organized as a reciprocal insurer under this subchapter, shall not join or contribute financially to a plan, pool, association, or guaranty or insolvency fund in this state. (b) A captive insurance company, its insured, its parent, any affiliated company, any member organization of its association […]
(a) Except as provided in this section, a captive insurance company shall pay to the Insurance Commissioner by March 1 of each year, a tax at the rate of: (1) Two hundred fifty thousandths of one percent (0.250%) on the first twenty million dollars ($20,000,000); (2) One hundred fifty thousandths of one percent (0.150%) on […]
(a) The Insurance Commissioner may promulgate rules relating to captive insurance companies as are necessary to carry out this subchapter. (b) (1) The commissioner may promulgate rules establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured […]
(a) The Arkansas Insurance Code does not apply to captive insurance companies except for those provisions contained in or specifically referenced in this subchapter that are to be incorporated into the Arkansas Insurance Code. (b) The Insurance Commissioner may exempt by rule or other order special purpose captive insurance companies on a case-by-case basis from […]
Except as provided in this subchapter, the terms and conditions in the Arkansas Insurance Code pertaining to insurance reorganizations, receiverships, and injunctions apply to captive insurance companies formed or licensed under this subchapter.
In the case of a producer reinsurance captive insurance company or a sponsored captive insurance company: (1) The assets of the protected cell may not be used to pay any expenses or claims other than those attributable to the protected cell; and (2) Its capital and surplus must be available to pay any expenses of […]
(a) One (1) or more sponsors may form a sponsored captive insurance company under this subchapter. (b) (1) A sponsor of a sponsored captive insurance company may be any person approved by the Insurance Commissioner, in his or her discretion, based on a determination that the approval of the person as a sponsor is consistent […]
(a) An association, corporation, limited liability company, partnership, trust, or other business entity may be a participant in a sponsored captive insurance company formed or licensed under this subchapter. (b) A sponsor may be a participant in a sponsored captive insurance company. (c) A participant need not be a shareholder of the sponsored captive insurance […]
