Captive Annual Report Filing
Prior to March 1 of each year or 60 days after its fiscal year end, a captive insurance company is required to file with the Insurance Commissioner a report of its financial condition, verified by oath of two (2) of its executive officers. 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.
Forms:
Arkansas Captive Annual Report Form - This form must be filed in unsecured PDF format, legal size pages. This form must also be filed in EXCEL format to Insurance.Finance@Arkansas.gov , which agrees to PDF as submitted.
Arkansas Separate Account Supplement Form - If this form is required, it must be filed in unsecured PDF format, legal size pages. This form must also be filed in EXCEL format to Insurance.Finance@Arkansas.gov , which agrees to PDF as submitted.
Printing the forms: To print the entire form (either in hard copy, or in pdf version) go to your print menu and under settings select “Print Entire Workbook”. This should capture all pages of the filing and enable you to save or print one document to PDF format, as required for submission.
For any questions about the above forms, contact Insurance.Finance@arkansas.gov or 501-371-2680.
Annual Financial reporting requirements:
|
Captive Type |
Quarterly Stmt Filings |
Annual Stmt Filings |
Verified by oath of two of its executive officers |
Required By |
CPA Audit Due 6/30 for Year Ending 12/31 |
|
Association |
Yes |
Yes |
Yes |
A.C.A. 23-63-216(a) |
Yes |
|
Industrial Insured Group |
Yes |
Yes |
Yes |
A.C.A. 23-63-216(a) |
Yes |
|
Industrial Insured |
No |
Yes |
Yes |
Rule 73, Sec. 3(B) |
Yes |
|
Pure |
No |
Yes |
Yes |
Rule 73, Sec. 3(B) |
Yes |
|
Sponsored |
No |
Yes |
Yes |
Rule 73, Sec. 3(B) |
Yes |
|
Producer Reinsurance |
No |
Yes |
Yes |
Rule 73, Sec. 3(B) |
Yes |
Audited Financial Statements per Rule 73§4: All companies are required to have an annual audit by an independent certified public accountant, authorized by the Commissioner, and are required to file the report on or before June 30 for the year ending December 31 immediately preceding. The annual audit shall be on the same accounting basis as the annual statement.
Annual audit should contain the following: opinion of independent certified public accountant; financial statements; report of evaluation of internal controls; and an accountant's Letter. The financial statements should contain: a balance sheet; statement of gain or loss from operations; statement of changes in financial position; statement of cash flow; statement of changes in capital paid up, gross paid in and contributed surplus and unassigned funds (surplus), and notes to financial statements. The notes to financial statements should include: a reconciliation of differences; summary of ownership and relationship of the company and all affiliated corporations or companies insured by the captive; and a narrative explanation of all material transactions with the company. No transaction shall be deemed material unless it involves three percent (3%) or more of a company's admitted assets as of the December 31 next preceding.
Actuarial Certification: Annual audit should include an opinion as to the adequacy of the company's loss reserves and loss expense reserves. The Commissioner must approve the individual who certifies as to the adequacy of reserves. Certification shall be in such form as the Commissioner deems appropriate.