(a) A pure captive insurance company may be any of the following:
(1) Incorporated as a stock corporation or as a nonstock corporation.
(2) Formed as a limited liability company, partnership, limited partnership, series, or statutory trust, including a limited liability company, limited partnership, or statutory trust having 1 or more series.
(b) An association captive insurance company or an industrial insured captive insurance company may be any of the following:
(1) Incorporated as a stock corporation or as a nonstock corporation.
(2) Formed as a limited liability company, partnership, limited partnership, statutory trust, or series.
(3) Organized as a reciprocal insurer.
(c) A special purpose captive insurance company, special purpose financial captive insurance company, agency captive insurance company, or branch captive insurance company may be any of the following:
(1) Incorporated as a stock corporation or as a nonstock corporation.
(2) Formed as a limited liability company, partnership, limited partnership, or statutory trust, including a limited liability company, limited partnership, or statutory trust having 1 or more series.
(3) Such other person, other than a natural person in that natural person’s individual capacity, approved by the Commissioner.
(d) A sponsored captive insurance company, including a sponsored captive insurance company that is also a special purpose financial captive insurance company, may be any of the following:
(1) Incorporated as a stock corporation or as a nonstock corporation.
(2) Formed as a limited liability company, partnership, limited partnership, or statutory trust, including a limited liability company, limited partnership, or statutory trust having 1 or more series.
(e) A risk retention group may take any form permitted under the Liability Risk Retention Act of 1986, 15 U.S.C. § 3901 et seq., as amended.
(f) In the case of a captive insurance company other than a branch captive insurance company:
(1) Formed as a corporation, at least 1 of the members of the board of directors or other governing body shall be a resident of, or have that member’s principal place of business in, this State;
(2) Formed as a reciprocal insurer, at least 1 of the members of the subscribers’ advisory committee shall be a resident of, or have its principal place of business in, this State;
(3) Formed as a limited liability company, at least 1 member, manager or person in whom management of the limited liability company is vested or to whom rights and powers to manage and control the business and affairs of the limited liability company have been delegated shall be a resident of, or have its principal place of business in, this State;
(4) Formed as a partnership, at least 1 partner or person in whom management of the partnership is vested or to whom rights and powers to manage and control the business and affairs of the partnership have been delegated shall be a resident of, or have its principal place of business in, this State;
(5) Formed as a limited partnership, at least 1 general partner or person in whom management of the limited partnership is vested or to whom rights and powers to manage and control the business and affairs of the limited partnership have been delegated shall be a resident of, or have its principal place of business in, this State; and
(6) Formed as a statutory trust, at least 1 trustee or person in whom management of the statutory trust is vested or to whom rights and powers to manage and control the business and affairs of the statutory trust have been delegated shall be a resident of, or have its principal place of business in, this State.
(g) A captive insurance company incorporated, formed or organized under the laws of this State or under the laws of another jurisdiction that is licensed under the provisions of this chapter shall have the privileges and be subject to the provisions of the laws of this State or the laws of such other jurisdiction, as applicable, under which such captive insurance company is incorporated, formed or organized as well as the applicable provisions contained in this chapter. In the event of conflict between the provisions of the laws of this State or the laws of such other jurisdiction, as applicable, under which such captive insurance company is incorporated, formed or organized, and the provisions of this chapter, the latter shall control.