Diamond Risk Insurance LLC, a wholly-owned subsidiary of Baptist Health, has been approved as a captive insurer by the Arkansas Insurance Department.
Arkansas Insurance Commissioner Allen Kerr said Baptist Health is the first entity in Arkansas to create its own captive insurance company.
Diamond Risk Insurance LLC will transact business under the Arkansas Insurance Code regulating captive insurance companies.
It will be regulated by the Arkansas Insurance Department, unlike companies that choose to be regulated by the federal Department of Labor by offering coverage to employees under the Employee Retirement Income Security Act (ERISA) of 1974, the department said.
Source: Arkansas Insurance Department