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