As used in this part:

1. (1) “Authorized insurer” means any foreign, domestic, or alien insurance company granted a certificate of authority by the Insurance Commissioner and authorized to do business in the State of Arkansas as an insurance company, including but not limited to:

   1. (A) Life and health insurance companies;
   2. (B) Property and casualty insurance companies;
   3. (C) Farmers mutual aid associations;
   4. (D) Reciprocal insurers;
   5. (E) Stipulated premium insurers;
   6. (F) Mutual assessment life and disability companies; and
   7. (G) Foreign fraternal benefit societies;

2. (2) “Bulk or assumptive reinsurance” means those agreements of reinsurance whereby there is a transfer of insurance obligations and/or risks of existing or in-force contracts of insurance of a major class or block of policies from a ceding insurer to an assuming insurer and is intended to effect a novation of the transferred contract of insurance with the result that the:

   1. (A) Assuming insurer becomes directly liable to the policyholders of the transferring insurer; and
   2. (B) Transferring insurer's insurance obligations and/or risks under such contracts are extinguished;
3. (3) “Department” means the State Insurance Department;

4. (4) “Excess or indemnity reinsurance” means those agreements of reinsurance whereby:

   1. (A) The one (1) insurer undertakes to pay all losses or amounts in excess of a sum specified pursuant to an agreement of reinsurance with another insurer on any line or class of business; and
   2. (B) The ceding insurer remains directly liable for its insurance obligations or risks under the contracts subject to the reinsurance agreement;
5. (5) “Insurance Commissioner” means the Insurance Commissioner as appointed by the Governor of the State of Arkansas; and
6. (6) “Unauthorized insurer” means any company not authorized by certificate of authority to do business in the State of Arkansas including alien insurers.