23 CAR § 29-114. Rescission of captive license

(a) The Insurance Commissioner may, subject to the provisions of this section, by order rescind the license of the company: (1) If the company has not commenced business according to its plan of operation within two (2) years of being licensed; (2) If the company ceases to carry on insurance business in or from within Arkansas; (3) At the request of the company; or (4) For any reason provided in Arkansas Code § 23-63-1609. (b)(1) Before the commissioner rescinds the license of a company under subdivision (a)(1) or (a)(2) of this section, the commissioner shall: (A) Give the company notice in writing of the grounds on which he or she proposes to cancel the license; and (B) Afford the company an opportunity to make objection in writing within the period of thirty (30) days after receipt of notice. (2) The commissioner shall: (A) Take into consideration any objection received by him or her within that period; and (B) If he or she decides to cancel the license, cause the order of cancellation to be served on the company.