No captive insurance company may transact any insurance in this state unless:
(1) It first obtains from the Commissioner a certificate of authority authorizing it to transact insurance in this state;
(2) It maintains its principal place of business in this state;
(3) Any organization providing the principal administrative or management services to such captive insurance company shall maintain its principal place of business in this state and shall be approved by the Commissioner; and
(4) Its board of directors holds at least one meeting each year in this state.
Section: Previous 33-41-1 33-41-2 33-41-3 33-41-4 33-41-5 33-41-6 33-41-7 33-41-8 33-41-9 33-41-10 33-41-11 33-41-12 33-41-13 33-41-14 33-41-15 NextLast modified: October 14, 2016