§ 23-63-1607 — Reporting

Arkansas § 23-63-1607

• Jurisdiction: Arkansas
• Title: 23

Text

(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.

Legislative History

Amended by Act 2019, No. 315,§ 2641, eff. 7/24/2019. Amended by Act 2019, No. 521,§ 9, eff. 7/24/2019. Amended by Act 2017, No. 370,§ 4, eff. 8/1/2017. Acts 2001, No. 1391, § 7; 2003, No. 466, § 6; 2009, No. 726, § 23.