Title 23, Public Utilities and Regulated Industries

(a) (1) If any of the events listed in subsection (b) of this section occurs, the insurer shall have the right to a confidential administrative hearing on record, at which the insurer may challenge any determination or action by the Insurance Commissioner.(2) (A) The insurer shal…

(a) The RBC reports, to the extent the information in the RBC reports is not needed to be stated in a publicly available annual statement schedule, and RBC plans, including the results or report of an examination or analysis of an insurer performed under a corrective order issued…

(a) This subchapter is supplemental to other laws of this state and does not preclude or limit other powers or duties of the Insurance Commissioner under those laws, including without limitation § 23-68-101 et seq. (b) The commissioner may adopt reasonable rules necessary for the…

(a) Upon the written request of the Insurance Commissioner, a foreign insurer shall submit to the commissioner an RBC report as of the end of the calendar year just ended the later of:(1) The date an RBC report would be required to be filed by a domestic insurer under this subcha…

There is no liability by and no cause of action shall arise against the Insurance Commissioner or the State Insurance Department or its employees or agents for action taken by them in the performance of their powers and duties under this subchapter.

The Insurance Commissioner may adopt reasonable rules for the implementation and administration of this subchapter.

(a) If the Insurance Commissioner, after a hearing conducted according to § 23-61-301 et seq., finds that an insurer or a person has violated this subchapter, the commissioner may order:(1) For each separate violation, a penalty of one thousand dollars ($1,000) or if the commissi…

All notices by the Insurance Commissioner to an insurer that may result in regulatory action under this subchapter shall be effective on dispatch if transmitted by certified mail, or in the case of any other transmission shall be effective on the insurer's receipt of the notice.

This subchapter may be cited as the “Disclosure of Material Transactions Act”.

(a) Every insurer domiciled in this state shall file a report with the Insurance Commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless the acquisitions and dispositions …

(a) Materiality. No acquisitions or dispositions of assets need be reported pursuant to § 23-63-1402 if the acquisitions or dispositions are not material. For purposes of this subchapter, a material acquisition or the aggregate of any series of related acquisitions during any thi…

(a) Materiality and Scope. (1) No nonrenewals, cancellations, or revisions of ceded reinsurance agreements need be reported pursuant to § 23-63-1402 if the nonrenewals, cancellations, or revisions are not material. For purposes of this subchapter, a material nonrenewal, cancellat…

The Insurance Commissioner may adopt reasonable rules for the implementation and administration of the provisions of this subchapter.

(a) If the Insurance Commissioner finds after a hearing conducted in accordance with § 23-61-301 et seq. that any insurer or person has violated any provision of this subchapter, the commissioner may order:(1) For each separate violation, a penalty in an amount of one thousand do…

(1) As used in this subchapter:(1) “Adjusted RBC report” means an RBC report that has been adjusted by the Insurance Commissioner in accordance with § 23-63-1502(d);(2) “Corrective order” means an order issued by the commissioner specifying corrective actions that the commissione…

(a) (1) On or before each March 1, the “filing date”, a domestic health organization shall prepare and submit to the Insurance Commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing the information required by the RBC instr…

(a) “Company action level event” means any of the following events:(1) The filing of an RBC report by a health organization that indicates that the health organization's total adjusted capital is greater than or equal to its regulatory action level RBC but less than its company a…

(a) “Regulatory action level event” means, with respect to a health organization, any of the following events:(1) The filing of an RBC report by the health organization that indicates that the health organization's total adjusted capital is greater than or equal to its authorized…

(a) “Authorized control level event” means any of the following events:(1) The filing of an RBC report by the health organization that indicates that the health organization's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its aut…

(a) “Mandatory control level event” means any of the following events:(1) The filing of an RBC report that indicates the health organization's total adjusted capital is less than its mandatory control level RBC;(2) The notification by the Insurance Commissioner to the health orga…

(1) On the occurrence of the following events the health organization shall have the right to a confidential departmental hearing, on a record, at which the health organization may challenge a determination or action by the Insurance Commissioner. The health organization shall no…

(a) An RBC report, to the extent the information is not required to be stated in a publicly available annual statement schedule, and RBC plans, including the results or report of an examination or analysis of a health organization performed under this subchapter and a corrective …

(a) The provisions of this subchapter are supplemental to the other provisions of the laws of this state and shall not preclude or limit any other powers or duties of the Insurance Commissioner under those laws. (b) The commissioner may adopt reasonable rules necessary for the im…

(a) (1) On the written request of the Insurance Commissioner, a foreign health organization shall submit to the Insurance Commissioner an RBC report as of the end of the calendar year just ended that is the later of:(A) The date an RBC report would be required to be filed by a do…

There shall be no liability by and no cause of action shall arise against the Insurance Commissioner or the State Insurance Department or its employees or agents for any action taken by them in the performance of their powers and duties under this subchapter.

(1) A notice by the Insurance Commissioner to a health organization that may result in regulatory action under this subchapter is effective upon:(1) Dispatch if transmitted by certified mail; or(2) The health organization's receipt of notice in the case of any other transmission.…

(a) If the Insurance Commissioner finds after a hearing conducted in accordance with § 23-61-301 et seq. that a health organization has violated this subchapter, the commissioner may order:(1) For each separate violation, a penalty of one thousand dollars ($1000) or, if the commi…

(1) 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 insura…

(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 co…

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 capt…

(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…

(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 cer…

(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 ins…

(a) (1) At least one (1) time every five (5) 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 ascertai…

(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-…

(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 I…

(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…

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, it…

(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 fi…

(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 contro…

(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 …

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.

(1) 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…

(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 appr…