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 insurers. 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.
Was this article valuable?
Here are more articles you may enjoy.
Europe’s Insurers Cut Coverage of Weather Losses, Report Says 
Harbor Emerges From Stealth with $10M Funding to Handle AI-Agent Risk 
AI Bubble Risks Worst S&P 500 Crash Since 2008, Strategist Says 
Kroger Plans to Slash 37% of Corporate Jobs in Next Three Years From This Issue
