A. Except as provided in subsection C of this section or otherwise with the approval of the director, a captive insurer may reinsure risks only pursuant to the limitations prescribed in Section 20-1098.01, subsection A.

Terms Used In Arizona Laws 20-1098.11

  • Captive insurer: means any pure captive insurer, agency captive insurer, group captive insurer or protected cell captive insurer that is domiciled in this state and that is formed and licensed under this article. See Arizona Laws 20-1098

B. A captive insurer may take credit for reserves on risks or portions of risks ceded to a reinsurer that is in compliance with section 20-261 and chapter 30 of this title. Prior approval of the director shall be required for ceding or taking credit for the reserves on risks or portions of risks ceded to a reinsurer if the reinsurer is not in compliance with section 20-261 and chapter 30 of this title.

C. A captive insurer may cede and assume risks that are not within the limitations prescribed in Section 20-1098.01, subsection A, subject to the approval of the director.

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