§ 6048a. Applicable law (a) A special purpose financial insurance company shall be subject to the provisions of this subchapter and to the provisions of subchapter 1 of this chapter. In the event of any conflict between the provisions of this subchapter and the provisions of subchapter 1 of this chapter, the provisions of this […]
§ 6048b. Existing licenses Except as otherwise determined by the Commissioner, a captive insurance company that has been licensed by the Commissioner pursuant to this chapter as of the effective date of this subchapter and that is engaged in or that will be engaged in an insurance securitization shall be subject to the provisions of […]
§ 6048c. Definitions As used in this subchapter: (1) “Ceding insurer” means an insurance company approved by the Commissioner and licensed or otherwise authorized to transact the business of insurance or reinsurance in its state or country of domicile, which cedes risk to a special purpose financial insurance company pursuant to a reinsurance contract. (2) […]
§ 6048d. Licensing; authority (a) A special purpose financial insurance company may reinsure the risks of a ceding insurer only. A special purpose financial insurance company may purchase reinsurance to cede the risks assumed under a reinsurance contract, subject to the prior approval of the Commissioner. (b) In conjunction with the issuance of a license […]
§ 6048e. Changes in plan of operation; voluntary dissolution or cessation of business (a) Any change in the special purpose financial insurance company’s plan of operation shall require prior approval of the Commissioner. (b) Any transaction or series of transactions shall be subject to the prior approval of the Commissioner if such transaction or series […]
§ 6048f. Formation (a) A special purpose financial insurance company may be incorporated as a stock insurer with its capital divided into shares and held by its stockholders, or it may be organized as a manager-managed limited liability company. (b) A special purpose financial insurance company’s organizational documents shall limit the special purpose financial insurance […]
§ 6048g. Minimum capital and surplus A special purpose financial insurance company shall not be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus of not less than $5,000,000.00. (Added 2007, No. 49, § 17; amended 2013, No. 29, § 58.)
§ 6048h. Securities (a) A special purpose financial insurance company may: (1) subject to the prior approval of the Commissioner, account for the proceeds of a surplus note issued by the special purpose financial insurance company as surplus; and (2) submit for prior approval of the Commissioner periodic written requests for authorization to make payments […]
§ 6048i. Permitted reinsurance (a) A special purpose financial insurance company may reinsure only the risks of a ceding insurer, pursuant to a reinsurance contract. A special purpose financial insurance company may not issue a contract of insurance or a contract for assumption of risk or indemnification of loss other than such reinsurance contract. (b) […]
§ 6048j. Disposition of assets; investments (a) The assets of a special purpose financial insurance company shall be preserved and administered by or on behalf of the special purpose financial insurance company to satisfy the liabilities and obligations of the special purpose financial insurance company incident to the reinsurance contract, the insurance securitization, and other […]
§ 6048k. Annual report; books and records (a) For purposes of subsection 6007(b) of this chapter: (1) The Commissioner shall, by rule or order, establish the form and content of the annual report to be filed by a special purpose financial insurance company; and (2) A special purpose financial insurance company shall report using statutory […]
§ 6048l. License suspension and revocation (a) The Commissioner shall notify a special purpose financial insurance company not less than 30 days before suspending or revoking its license pursuant to section 6009 of this chapter, which notice shall state the basis for such suspension or revocation. The special purpose financial insurance company shall be afforded […]
§ 6048m. Delinquency (a) Except as otherwise provided in this section, the provisions of chapter 145 of this title shall apply in full to a special purpose financial insurance company. (b) Upon any order of supervision, rehabilitation, or liquidation of a special purpose financial insurance company, the receiver shall manage the assets and liabilities of […]
§ 6048n. Sponsored captives In addition to the provisions of sections 6048a-6048m of this subchapter, the provisions of this section shall apply to any sponsored captive insurance company licensed as a special purpose financial insurance company pursuant to this subchapter. (1) A sponsored captive insurance company may be licensed as a special purpose financial insurance […]
§ 6048o. Confidentiality (a) All documents, materials, or other information, including confidential and privileged documents, examination reports, preliminary examination reports or results, working papers, recorded information, and copies thereof produced by, obtained by, or disclosed to the Commissioner or any other person in the course of an examination made under this subchapter are confidential and […]
