Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-63-1606. Organization

(3)(A) The Arkansas Insurance Code concerning mergers, consolidations, mutualizations, and redomestications applies in determining the procedures to be followed by a captive insurance company in carrying out any of those transactions.

(B) The commissioner may, upon request of an insurer that is a party to a merger authorized under subdivision (f)(3)(A) of this section, waive certain applicable requirements to the merger transaction.

(C) A conversion may be accomplished under a reasonable plan and procedure as may be approved by the commissioner and according to rules that the commissioner may promulgate.

(D) The commissioner may waive or modify the requirements for public notice and hearing.

(E) If a notice of public hearing is required but no one requests a hearing, the commissioner may cancel the hearing.

(F) An alien insurer may be a party to a merger authorized under subdivision (f)(3)(A) of this section if the requirements for a merger between a captive insurance company and a foreign insurer under this chapter apply to the merger transaction.

(g)(1)(A) A captive insurance company formed as a reciprocal insurer under this subchapter is subject to § 23-70-101 et seq. and this subchapter.

(B) If a conflict occurs between § 23-70-101 et seq. and this subchapter, the latter controls.

(C) To the extent a reciprocal insurer is made subject to the Arkansas Insurance Code under § 23-70-101 et seq., the Arkansas Insurance Code is not applicable to a reciprocal insurer formed under this subchapter unless expressly made applicable to a captive insurance company by this subchapter.