HB 1476 Summary

• Amends Arkansas Code § 23-63-1601 to renumber and clarify definitions related to captive insurance companies, including adding a new definition for "incorporated protected cell"

• Modifies § 23-63-1602(a) to replace "articles of incorporation or charter" with "organizational documents" for captive insurance company applications

• Changes § 23-63-1606 to allow producer reinsurance, pure captive, and sponsored captive insurance companies to be organized in any form of business organization approved by the Insurance Commissioner, rather than only as domestic stock insurers

• Adds new § 23-63-1624 establishing a "dormant captive insurance company" status for pure, sponsored, or industrial insured captive companies that have ceased insurance business and have no remaining liabilities, with $25,000 minimum capital/surplus requirement and five-year renewal periods

• Adds subsections (f) and (g) to § 23-63-1620 allowing protected cells of sponsored captive insurance companies to be formed as incorporated protected cells with separate contractual rights and obligations distinct from the parent company