Bill > SB237

This bill amends Arkansas law concerning the licensing and regulation of captive insurance companies, making several key changes. It modifies the definition of "association" by removing the requirement of continuous existence for at least one year, eliminates certain definitions related to the Commissioner and Department, and introduces a new provisional licensing mechanism that allows the Insurance Commissioner to issue a temporary license to captive insurance companies under specific conditions. The bill reduces capital and surplus requirements for various types of captive insurance companies, such as association and industrial insured captive insurers, and simplifies dividend payment rules. Additionally, it establishes new provisions for foreign or alien insurers to redomesticate to Arkansas, including tax incentives and reporting requirements. The bill also modifies examination frequencies for pure captive insurance companies, creates a new tax credit for Arkansas employees, and adds a section detailing potential violations that could result in suspension or revocation of a captive insurance company's certificate of authority. These changes aim to make Arkansas more attractive for captive insurance companies by providing more flexible regulatory frameworks and potential financial benefits.

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https://arkleg.state.ar.us/Bills/Detail?id=sb237&ddBienniumSession=2025%2F2025R