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23-63-1607. Reporting.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1607. Reporting.
(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 report of its financial condition, verified by oath of two (2) of its executive officers.
(2)(A) Except as provided in §§ 23-63-1604 and 23-63-1605, a captive insurance company shall report using generally accepted accounting principles unless the commissioner approves the use of statutory accounting principles.
(B) The commissioner may require, approve, or accept appropriate modifications or adaptations for the type of insurance and kinds of insurers to be reported upon, supplemented by additional information.
(3)(A) Unless provided otherwise, an association captive insurance company and an industrial insured group shall file their reports in the form required by § 23-63-216(a).
(B) The commissioner shall prescribe by rule the forms in which producer reinsurance captive insurance companies, pure captive insurance companies, and industrial insured captive insurance companies shall report.
(c) A producer reinsurance captive insurance company or a pure captive insurance company may apply to file the required report on a fiscal year-end that is consistent with the parent company's fiscal year. If an alternative reporting date is granted:
(1) The annual report is due no later than sixty (60) days after the fiscal year-end; and
(2) In order to provide sufficient detail to support the premium tax return, the pure captive insurance company shall file before March 1 of each year for each calendar year-end pages one
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1607
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-63-1607
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f4159ee5880fcbdf873451d63a8d89d4a09c8b656c3629778b5d77cb9d81b282
Source location: content.xml paragraph 34007
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23-63-1607. Reporting.
(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 report of its financial condition, verified by oath of two (2) of its executive officers.
(2)(A) Except as provided in §§ 23-63-1604 and 23-63-1605, a captive insurance company shall report using generally accepted accounting principles unless the commissioner approves the use of statutory accounting principles.
(B) The commissioner may require, approve, or accept appropriate modifications or adaptations for the type of insurance and kinds of insurers to be reported upon, supplemented by additional information.
(3)(A) Unless provided otherwise, an association captive insurance company and an industrial insured group shall file their reports in the form required by § 23-63-216(a).
(B) The commissioner shall prescribe by rule the forms in which producer reinsurance captive insurance companies, pure captive insurance companies, and industrial insured captive insurance companies shall report.
(c) A producer reinsurance captive insurance company or a pure captive insurance company may apply to file the required report on a fiscal year-end that is consistent with the parent company's fiscal year. If an alternative reporting date is granted:
(1) The annual report is due no later than sixty (60) days after the fiscal year-end; and
(2) In order to provide sufficient detail to support the premium tax return, the pure captive insurance company shall file before March 1 of each year for each calendar year-end pages one (1), two (2), three (3), and five (5) of the “Captive Annual Statement: Pure or Industrial Insured”, verified by oath of two (2) of its executive officers.
(d)(1) Sixty (60) days after the fiscal year-end, a branch captive insurance company shall file with the commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company is formed, verified by oath by two (2) of its executive officers.
(2)(A) If the commissioner is satisfied that the annual report filed by the alien captive insurance company in its domiciliary jurisdiction provides adequate information concerning the financial condition of the alien captive insurance company, the commissioner may waive the requirement for completion of the captive annual statement for business written in the alien jurisdiction.
(B) The waiver must be in writing and subject to public inspection.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1604. Capital requirements.
(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) 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 than one hundred thousand dollars ($100,000);
(C) In the case of an association captive insurance company incorporated as a stock insurer, not less than four hundred thousand dollars ($400,000);
(D) In the case of an industrial insured captive insurance company incorporated as a stock insurer, not less than two hundred thousand dollars ($200,000);
(E) In the case of a sponsored captive insurance company, not less than two hundred fifty thousand dollars ($250,000); or
(F) In the case of a special purpose captive insurance company, an amount determined by the commissioner after giving due consideration to the company's business plan, feasibility study, and pro formas, including the nature of the risks to be insured, but in no event less than three hundred thousand dollars ($300,000).
(2) The capital may be in the form of:
(A) Cash;
(B) Other assets acceptable to the commissioner; or
(C) An irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System and approved by the commissioner.
(b)(1) The commissioner may prescribe additional capital based upon the type, volume, and natur
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1604
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-1604. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1605. Surplus requirements.
(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 than one hundred fifty thousand dollars ($150,000);
(C) In the case of an association captive insurance company incorporated as a stock insurer, not less than three hundred fifty thousand dollars ($350,000);
(D) In the case of an industrial insured captive insurance company incorporated as a stock insurer, not less than three hundred thousand dollars ($300,000);
(E) In the case of an association captive insurance company incorporated as a mutual insurer, not less than seven hundred fifty thousand dollars ($750,000);
(F) In the case of an industrial insured captive insurance company incorporated as a mutual insurer, not less than five hundred thousand dollars ($500,000);
(G) In the case of a sponsored captive insurance company, not less than two hundred fifty thousand dollars ($250,000); and
(H) In the case of a special purpose captive insurance company, an amount determined by the commissioner after giving due consideration to the company's business plan, feasibility study, and pro formas, including the nature of the risks to be insured, but in no event less than three hundred thousand dollars ($300,000).
(2) The surplus may be in the form of:
(A) Cash;
(B) Other assets acceptable to the commissioner; or
(C) An irrevocable letter of credit issued by a bank chartered by this state or a member bank of the Federal Reserve System and approved by the commissioner.
(b) Notwith
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1605
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-1605. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-216. Annual statement and other information.
(a)(1) Annually on or before March 1 or within an extension of time that the Insurance Commissioner for good cause may have granted, each authorized insurer shall file with the commissioner a full and true statement of its financial condition, transactions, and affairs as of the December 31 preceding.
(2) The statement shall be the appropriate and most recent National Association of Insurance Commissioners':
(A) “Annual Statement Blank For Life And Accident And Health”;
(B) “Property And Casualty Annual Statement Blank”;
(C) “Title Insurance Annual Statement Blank”;
(D) “Annual Statement Blank for Health” for use by hospital, medical, and dental service or indemnity corporations;
(E) “Fraternal Annual Statement Blank”;
(F) “Annual Statement Blank for Health” for health insurers or health maintenance organizations and others; or
(G) Other National Association of Insurance Commissioners' convention blank as appropriate.
(3) The statement shall be prepared in accordance with the most recent and appropriate companion National Association of Insurance Commissioners' “Annual and Quarterly Statement Instructions” and follow those accounting practices and procedures prescribed by the most recent and appropriate companion National Association of Insurance Commissioners' Accounting Practices and Procedures Manual.
(4) Arkansas domestic insurers shall file the statement with the commissioner in hard-copy format.
(5) Each authorized insurer shall file an audited financial statement on or before June 1 of each year.
(6) Authorized foreign and alien insurers complying with subsection (b) of this section are deemed to have satisfied the requirement to file the statement with the commissioner.
(7) The commis
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-216
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-216. This identifies an authority to review, not proof of applicability.