§6701. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1997, c. 435, §1 (NEW).] 1. Affiliated company. “Affiliated company” means any company in the same corporate system as a parent or a member organization by virtue of common ownership, control, operation or management. […]
§6702. Licensing; authority 1. Authority. A captive insurance company may not engage in the business of insurance in this State unless the company: A. Obtains a license from the superintendent authorizing the company to do insurance business in this State; [PL 1997, c. 435, §1 (NEW).] B. Holds at least one meeting of […]
§6703. Names of companies A captive insurance company may not adopt a name that is the same as, deceptively similar to or likely to be confused with or mistaken for any other existing business name registered in the State. [PL 1997, c. 435, §1 (NEW).] SECTION HISTORY PL 1997, c. 435, §1 (NEW).
§6704. Minimum capital and surplus 1. Minimum capital and surplus. A captive insurance company may not be issued a license unless the company has and maintains unimpaired paid-in capital and surplus of: A. In the case of a pure captive insurance company, not less than $250,000; [PL 2009, c. 335, §10 (AMD).] B. […]
§6705. Minimum surplus (REPEALED) SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §11 (RP).
§6706. Formation of captive insurance companies in this State 1. Pure captive insurance company. A pure captive insurance company must be: A. Incorporated as a stock insurer with capital divided into shares and held by the stockholders; [PL 2009, c. 335, §12 (AMD).] B. Incorporated as a nonprofit corporation whose votes of membership […]
§6707. Financial statements and other reports 1. Financial statement. A captive insurance company shall submit an annual statement of financial condition audited by an independent certified public accountant to the superintendent on or before the last day of the 6th month following the end of the company’s fiscal year. A. The audited financial statement […]
§6708. Examinations and investigations 1. Powers, authorities and duties of superintendent. The powers, authorities and duties relating to examinations and investigations are vested in and imposed upon the superintendent in order for the superintendent to verify that all captive insurance companies operate in accordance with the provisions of this chapter. [PL 2011, c. 90, […]
§6709. Grounds and procedures for suspension and revocation of license 1. Grounds for suspension or revocation. The superintendent may suspend or revoke the license of a captive insurance company for any of the following reasons: A. Insolvency or impairment of capital or surplus; [PL 1997, c. 435, §1 (NEW).] B. Failure to meet […]
§6710. Legal investments A pure captive insurance company is not subject to any restrictions on allowable investments including those provided under chapter 13 and chapter 13‑A, except that the superintendent may prohibit or limit any investment that threatens the solvency or liquidity of such insurance company. A pure captive insurance company may not make a […]
§6711. Reinsurance 1. Reinsurance. A captive insurance company may provide reinsurance on risks ceded by any other insurer to the extent permitted by section 6702. [PL 2009, c. 335, §17 (AMD).] 2. Credit for reserves. A captive insurance company may take credit for the reinsurance of risks or portions of risks ceded to a […]
§6712. Rating organizations A captive insurance company is not required to become a member of a rating organization. [PL 1997, c. 435, §1 (NEW).] SECTION HISTORY PL 1997, c. 435, §1 (NEW).
§6713. Exemption from compulsory associations A captive insurance company may not join or contribute financially to any plan, pool, association or guaranty or insolvency fund in this State, and a captive insurance company and its insureds, its parent or any affiliated company or member organization of its association may not receive any benefit from the […]
§6714. Delinquent captive insurers The provisions of chapter 57 apply to captive insurers. [PL 2009, c. 335, §20 (AMD).] SECTION HISTORY PL 1997, c. 435, §1 (NEW). PL 2009, c. 335, §20 (AMD).
§6715. Confidential information All information submitted to the superintendent pursuant to section 6702, subsection 3 and section 6724, subsection 3 is confidential and is not a public record within the meaning of Title 1, chapter 13, subchapter 1. Each report or statement filed with the superintendent pursuant to section 6707, except those filed by or […]
§6716. Redomestication; approval as a domestic captive insurer 1. Procedure. A foreign or alien captive insurance company may become a domestic captive insurance company by: A. Complying with all of the requirements relating to the organization and licensing of a domestic captive insurance company of the same type and any requirements that the superintendent […]
§6717. Redomestication; conversion to foreign insurer 1. Transfer of domicile. A domestic captive insurance company, upon approval by the superintendent, may transfer its domicile to any other jurisdiction in accordance with the laws of that jurisdiction. [PL 1997, c. 435, §1 (NEW).] 2. Notice of intent to transfer required. Before transferring its domicile to […]
§6718. Rules 1. Authority. The superintendent may adopt rules to implement this chapter. Rules adopted pursuant to this subsection are major substantive rules as defined in Title 5, chapter 375, subchapter 2‑A. [PL 2013, c. 238, Pt. E, §5 (NEW).] 2. Risk retention groups. Notwithstanding section 6719, the superintendent shall adopt rules establishing financial […]
§6719. Laws applicable An insurance law of this State, other than described or referenced in this chapter, does not apply to a captive insurance company. This exclusion must be strictly construed so as to further the public policy in favor of providing alternative means for providing insurance coverage. [PL 2011, c. 90, Pt. I, […]
§6720. Fees, taxes and assessments Except as otherwise specified in this chapter, all fees, taxes and assessments as set out in sections 237, 601 and 602 apply to captive insurers in the same manner as they apply to other insurers. [PL 1997, c. 435, §1 (NEW).] SECTION HISTORY PL 1997, c. 435, §1 (NEW).
