(a) No captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital of: (1) In the case of a pure captive insurance company, not less than $100,000;
No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus […]
(a) A pure captive insurance company may be incorporated as a stock insurer with its capital divided into shares and held by the stockholders, or as a nonprofit corporation with one or more members. (b) An association captive insurance company or an industrial insured captive insurance company may be: (1) Incorporated as a stock insurer […]
(a) Captive insurance companies shall not be required to make any annual report except as provided in this article. (b) On or before March 1 of each year, each captive insurance company shall submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers. Each captive insurance […]
(a) At least once in five years, and whenever the commissioner determines it to be prudent, the commissioner shall personally, or by some competent person appointed by the commissioner, visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations and whether it […]
(a) The license of a captive insurance company may be suspended or revoked by the commissioner for any of the following reasons: (1) Insolvency or impairment of capital or surplus;
