Yes.

thats one very positive thing about League, if you get to particular Rank and then fall down, you get all the Gear/Skins from the highest Rank you achieved during particular Season. i finished 10 days of playing and get to Champion on Season 1 and 2, 3rd season i get to Warrior with 1368 points and said to myself i will not play it again, got all the bonuses for 10 days of play, will not get Kung Lao Skins, but yesterday i tried some more fights, i won 3 out of 4 and get top 1566 points, lovely :)