(a) Notwithstanding any provision of the Arkansas Insurance Code or any rule promulgated under the Arkansas Insurance Code or any other applicable law or rule, upon any order of conservation, rehabilitation, or liquidation of a protected cell company, the receiver shall be bound to deal with the protected cell company's assets and liabilities, including protected cell assets and protected cell liabilities, in conformance with this subchapter.
(b) With respect to amounts recoverable under a protected cell company insurance securitization, the amount recoverable by the receiver shall not be reduced or diminished as a result of the entry of an order of conservation, rehabilitation, or liquidation with respect to the protected cell company, notwithstanding any provision in the contracts or other documentation governing the protected cell company insurance securitization.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 63 - Insurance Companies Generally
Subchapter 17 - Protected Cell Company Act
§ 23-63-1704. Establishment of protected cells
§ 23-63-1705. Use and operation of protected cells
§ 23-63-1706. Reach of creditors and other claimants
§ 23-63-1707. Conservation, rehabilitation, or liquidation of protected cell companies