§ 6031. Formation (a) One or more sponsors may form a sponsored captive insurance company under this chapter. In addition to the general provisions of this chapter, the provisions of this subchapter shall apply to sponsored captive insurance companies. (b) Subject to the approval of the Commissioner, a sponsored captive insurance company may be formed […]
§ 6032. Definitions As used in this subchapter, unless the context requires otherwise: (1) “General account” means all assets and liabilities of the sponsored captive insurance company not attributable to a protected cell. (2) “Incorporated protected cell” means a protected cell that, subject to the approval of the Commissioner, is formed as any type of […]
§ 6033. Supplemental application materials In addition to the information required by subdivisions 6002(c)(1) and (2) of this title, each applicant-sponsored captive insurance company shall file with the Commissioner the following: (1) materials demonstrating how the applicant will account for the loss and expense experience of each protected cell at a level of detail found […]
§ 6034. Protected cells A sponsored captive insurance company formed or licensed under the provisions of this chapter may establish and maintain one or more protected cells to insure risks of one or more participants or, subject to Commissioner approval, other parties unaffiliated with a participant, subject to the following conditions: (1) The shareholders of […]
§ 6034a. Incorporated protected cells (a) A protected cell of a sponsored captive insurance company may be formed as an incorporated protected cell, as defined in subdivision 6032(2) of this title. (b) Subject to the prior written approval of the sponsored captive insurance company and of the Commissioner, an incorporated protected cell shall be entitled […]
§ 6034b. Separate accounts of protected cells With the Commissioner’s prior written approval, a protected cell of a sponsored captive insurance company may establish one or more separate accounts and may allocate to them amounts to provide for the insurance of risks of one or more participants, or controlled unaffiliated business of such participant or […]
§ 6034c. Protected cell conversion (a)(1) Subject to the prior written approval of the Commissioner, on application of the sponsor and with the prior consent of each participant of the affected protected cells or as otherwise permitted pursuant to a participation agreement and the consent of each affected incorporated protected cell, a sponsored captive insurance […]
§ 6034d. Sale, transfer, or assignment of protected cells (a) Subject to the prior written approval of the Commissioner, on application of the sponsor and with the prior consent of each participant of the affected protected cell or as otherwise permitted pursuant to a participation agreement, or the consent of the affected incorporated protected cell, […]
§ 6034f. Annual report; books and records (a) For purposes of subsection 6007(b) of this chapter: (1) Each sponsored captive insurance company shall annually file with the Commissioner such financial reports as the Commissioner requires, which shall include accounting statements detailing the financial experience of each protected cell. (2) Unless otherwise approved in advance by […]
§ 6035. Qualification of sponsors A sponsor of a sponsored captive insurance company may be any person approved by the Commissioner in the exercise of his or her discretion, based on a determination that the approval of such person as a sponsor is consistent with the purposes of this chapter. In evaluating the qualifications of […]
§ 6036. Participants in sponsored captive insurance companies (a) Associations, corporations, limited liability companies, partnerships, trusts, risk retention groups, sole proprietorships, and other business entities may be participants in any sponsored captive insurance company formed or licensed under this chapter. (b) A sponsor may be a participant in a sponsored captive insurance company. (c) A […]
§ 6037. Investments by sponsored captive insurance companies and protected cells Notwithstanding the provisions of section 6034 of this title, the assets of two or more protected cells may be combined for purposes of investment, and such combination shall not be construed as defeating the segregation of such assets for accounting or other purposes. Sponsored […]
§ 6038. Delinquency of sponsored captive insurance companies (a) Except as otherwise provided in this section, the provisions of chapter 145 of this title shall apply in full to a sponsored captive insurance company and to each of its protected cells. (b) Upon any order of supervision, rehabilitation, or liquidation of a sponsored captive insurance […]
§ 6039. Claimant recourse (a) Consistent with the provisions of this subchapter, a creditor of a sponsored captive insurance company shall have recourse against the assets attributable to a protected cell if, and only if it is a creditor of the protected cell. A creditor of a protected cell shall not be entitled to recourse […]
