Section 27-31B-7 – Dividends.
Section 27-31B-7 Dividends. No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus, in excess of the limitations set forth in subsection (g) of Section 27-29-5, without the prior approval of the commissioner. Approval of an ongoing plan for the payment of dividends or other distributions […]
Section 27-31B-23 – Qualification of Sponsors.
Section 27-31B-23 Qualification of sponsors. Repealed by Act 2016-191, §3, effective July 1, 2016. (Act 2006-509, p. 1153, §1.)
Section 27-31B-8 – Formation of Captive Insurance Companies in This State.
Section 27-31B-8 Formation of captive insurance companies in this state. (a) A pure captive insurance company, an agency captive insurance company, a reinsurance captive insurance company, a special purpose financial captive insurance company, or a protected cell captive insurance company shall be formed as a stock or mutual insurer, or as a nonprofit or limited […]
Section 27-31B-24 – Participants in Protected Cell Captive Insurance Companies.
Section 27-31B-24 Participants in protected cell captive insurance companies. (a) An association, corporation, limited liability company, partnership, trust, or other business entity may be a participant in a protected cell captive insurance company formed or licensed under this chapter. (b) A sponsor may be a participant in a protected cell captive insurance company. (c) A […]
Section 27-31B-9 – Reports and Statements.
Section 27-31B-9 Reports and statements. (a) Captive insurance companies shall not be required to make any annual report except as provided in this chapter. (b) Prior to March 1 of each year, each captive insurance company shall submit to the commissioner a report of its financial condition, verified by oath of two of its executive […]
Section 27-31B-25 – Incorporation of Protected Cells.
Section 27-31B-25 Incorporation of protected cells. (a) A protected cell of a protected cell captive insurance company may be formed as an incorporated protected cell. (b) Subject to the prior written approval of the protected cell captive insurance company and of the commissioner, an incorporated protected cell shall be entitled to enter into contracts and […]
Section 27-31B-10 – Examinations and Investigations.
Section 27-31B-10 Examinations and investigations. (a) At least once in three years, and whenever the commissioner determines it to be prudent, the commissioner shall visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with this chapter. […]
Section 27-31B-26 – Approval of Stock Captive Insurer to Become a Mutual Captive Insurer.
Section 27-31B-26 Approval of stock captive insurer to become a mutual captive insurer. A stock captive insurer may become a mutual captive insurer under the plan or procedure as may be approved by the commissioner. The commissioner shall not approve any such plan, procedure, or mutualization unless: (1) It is equitable to stockholders and policyholders; (2) […]
Section 27-31B-11 – Grounds and Procedures for Suspension or Revocation of License.
Section 27-31B-11 Grounds and procedures for suspension or revocation of license. (a) The license of a captive insurance company to do an insurance business in this state may be suspended or revoked by the commissioner for any of the following reasons: (1) Insolvency or impairment of capital or surplus. (2) Failure to meet the requirements […]
Section 27-31B-27 – Redomestication of Captive Insurance Companies.
Section 27-31B-27 Redomestication of captive insurance companies. (a) Notwithstanding any other method authorized by law, a foreign or alien captive insurance company may become a domestic captive insurance company by complying with all of the requirements of this chapter relative to the organization and licensing of a domestic captive insurance company of the same type […]