Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-63-1624. Dormant captive insurance company--Definition

(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 before the filing of its application for a certificate of dormancy under this section.

(b)(1) A captive insurance company domiciled in this state that meets the criteria of subsection (a) of this section may apply to the Insurance Commissioner for a certificate of dormancy.

(2) The certificate of dormancy is subject to renewal every five (5) years and shall be forfeited if not renewed within that time.

(1) Possess and thereafter maintain unimpaired, paid-in capital and surplus of not less than twenty-five thousand dollars ($25,000);

(2) Before March 15 of each year, submit to the commissioner a report of its financial condition, verified by oath of two (2) of its executive officers, in a form as may be prescribed by the commissioner; and

(3) Pay a license renewal fee as provided in the rules promulgated by the commissioner under Section 18 of Rule and Regulation 73 of the State Insurance Department.