§ 23-63-1617. Reorganizations, receiverships, and injunctions
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.
§ 23-63-1618. Availability of funds
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 […]
§ 23-63-1620. Sponsored captive insurance company — Requirements
(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 […]
§ 23-63-1621. Participants
(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 […]
§ 23-63-1622. Producer reinsurance protected cell requirements
A producer reinsurance captive insurance company formed or licensed under this subchapter may establish and maintain one (1) or more protected cells to insure risks, subject to the following conditions: (1) Each protected cell must be accounted for separately on the books and records of the producer reinsurance captive insurance company to reflect the financial […]
§ 23-63-1623. Certificate of authority
A licensed captive insurance company that meets the necessary requirements of the Arkansas Insurance Code, imposed upon an insurer may be considered for issuance of a certificate of authority to act as an insurer in this state.
§ 23-63-1624. Dormant captive insurance company — Definition
(a) As used in this section, “dormant captive insurance company” means a pure captive insurance company, sponsored captive insurance company, or industrial insured captive insurance company that has: (1) Ceased transacting the business of insurance, including the issuance of insurance policies; and (2) No remaining liabilities associated with insurance business transactions, or insurance policies issued […]
§ 23-63-1616. Limitations
(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 […]
§ 23-63-1601. Definitions
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 […]
§ 23-63-1602. Application for license
(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 […]