(a) A captive insurance company may provide reinsurance under the Arkansas Insurance Code, on risks ceded by any other insurer.
(b) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers that are:
(1) Complying with § 23-62-305(a)-(f); or
(2) Not complying with § 23-62-305(a)-(f) upon approval of the captive insurance company's business plan by the Insurance Commissioner.
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