§ 24-A §6702 — Licensing; authority

1.
Authority.
A captive insurance company may not engage in the business of insurance in this State unless the company:
2.
Charter and bylaws.
In order to receive a license, a captive insurance company must file with the superintendent a certified copy of its charter and bylaws, a statement under oath of its president and secretary showing its financial condition and any other statements or documents required by the superintendent.
3.
Information required.
In addition to the information required by subsection 2, an applicant captive insurance company must file with the superintendent evidence of the following:
4.
License.
If the superintendent is satisfied that the documents and statements filed by the captive insurance company under subsections 2 and 3 comply with this chapter, the superintendent may grant a license authorizing it to do insurance business in accordance with this subsection.
5.
Fees.
A captive insurance company shall pay filing, issuance, annual continuation and reinstatement fees as provided for domestic insurers pursuant to section 601, subsection 1.
6.
Activities.
7.
Permitted activities.
A captive insurance company, when permitted by its articles of association or charter, may apply to the superintendent for a license to provide any insurance described in this Title, including annuities, except that:
8.
Certificate of good standing.
Prior to its organization or incorporation with the Secretary of State, the organizers or incorporators of a captive insurance company shall petition the superintendent to issue a certificate stating the superintendent's finding that the establishment and continued existence of the proposed captive insurance company, however organized, will promote the general good of the State. In making such a finding, the superintendent shall consider:

Legislative History

PL 1997, c. 435, §1 (NEW). PL 1997, c. 583, §§1-3 (AMD). PL 2009, c. 335, §9 (AMD). PL 2011, c. 90, Pt. I, §§1, 2 (AMD). PL 2017, c. 169, Pt. G, §3 (AMD).