7004 – Required Capital and Surplus as Regards Policyholders.
§ 7004. Required capital and surplus as regards policyholders. (a) No pure captive insurance company or group captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus as regards policyholders of: (1) in the case of a pure captive insurance company incorporated as a stock […]
7005 – Organization and Corporate Procedure.
§ 7005. Organization and corporate procedure. (a) A pure captive insurance company may be incorporated (1) as a stock insurer with its capital divided into shares and held by the stockholders; or (2) as a mutual insurer without capital stock, the governing body of which is appointed by the parent industrial insured; or (3) in […]