(a) The affairs of every captive insurance company shall be managed by not less than three directors.
(b) At least one of the directors of every captive insurance company shall be a resident of this state and a majority of the directors shall be citizens of the United States.
(c) Every captive insurance company shall report to the Commissioner within 30 days after any change in its directors including in its report a statement of the business and professional background and affiliations of any new director.
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