Section 27-43-2. – Incorporation of captive insurance companies in this state.
§ 27-43-2. Incorporation of captive insurance companies in this state. (a) A subsidiary captive insurance company shall be incorporated as a stock insurance company with its capital divided into shares and held by the stockholders. (b) An association captive insurance company or an industrial insured captive insurance company may be: (1) Incorporated as a stock […]
Section 27-43-3. – Licensing — Authority.
§ 27-43-3. Licensing — Authority. (a) Any captive insurance company, when permitted by its articles of association or charter, may apply to the commissioner for a license to do any and all insurance; provided, that: (1) No subsidiary captive insurance company may insure any risks other than those of its parent and affiliated companies; (2) […]
Section 27-43-1. – Definitions.
§ 27-43-1. Definitions. As used in this chapter, unless the context requires otherwise: (1) “Affiliated company” means any corporation controlled by or an affiliate of a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management; (2) “Association” means any association of individuals, corporations, partnerships, or associations that […]