(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 by the pure captive insurance company or participant in a sponsored captive insurance company.(2) Prior to these rules' being promulgated, the commissioner may grant, by temporary order, authority to a pure captive insurance company to insure risks.Amended by Act 2019, No. 315,§ 2642, eff. 7/24/2019.Amended by Act 2019, No. 521,§ 11, eff. 7/24/2019.Acts 2001, No. 1391, § 15. (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 by the pure captive insurance company or participant in a sponsored captive insurance company.(2) Prior to these rules' being promulgated, the commissioner may grant, by temporary order, authority to a pure captive insurance company to insure risks.Amended by Act 2019, No. 315,§ 2642, eff. 7/24/2019.Amended by Act 2019, No. 521,§ 11, eff. 7/24/2019.Acts 2001, No. 1391, § 15.
Arkansas Legal Code