§431:19-102 Certificate of authority. (a) When permitted by an applicant captive insurance company's organizational documents, the applicant captive insurance company may apply to the commissioner for a certificate of authority to do any and all insurance set forth in subsection (h); provided that:
(b) No captive insurance company shall do any insurance business in this State unless:
(c) Before an applicant captive insurance company receives a certificate of authority, the applicant captive insurance company shall file with the commissioner:
(d) In addition to the information required by subsection (c), each applicant captive insurance company shall file with the commissioner evidence of the following:
(e) Each applicant captive insurance company shall pay to the commissioner a nonrefundable application fee for examining, investigating, and processing its application for the certificate of authority. Upon approval of the application for the certificate of authority, the applicant captive insurance company shall pay to the commissioner a license fee for the certificate of authority. Thereafter, the captive insurance company shall pay to the commissioner an annual renewal fee. The amount of the nonrefundable application fee, license fee, and renewal fee shall be set forth in rules adopted by the commissioner. In addition, the commissioner may adopt rules with respect to fees for the issuance of other documents as may be deemed necessary or requested by captive insurance companies.
(f) The commissioner may use independent advisors and consultants to assist in the review and analysis of a specific application or business plan amendment. The independent advisory and consulting fee, to be paid by the applicant captive insurance company, shall be a reasonable fee authorized by the commissioner pursuant to section 431:19-114.
(g) If the commissioner is satisfied that the documents and statements filed by the captive insurance company comply with this article, the commissioner may issue a certificate of authority authorizing it to do insurance business in this State until April 1 thereafter, which certificate of authority may be renewed.
(h) A captive insurance company may engage in the business of any of the following types of insurance:
(i) No risk retention captive insurance company may insure any risks other than those allowed under chapter 431K. [L 1987, c 347, pt of §2; am L 1988, c 187, §9; am L 1989, c 195, §40; am L 1990, c 254, §1; am L 1997, c 16, §2; am L 1998, c 150, §3; am L 1999, c 174, §1; am L 2000, c 133, §2; am L 2003, c 209, §2; am L 2004, c 122, §77; am L 2005, c 31, §3; am L 2007, c 232, §3; am L 2012, c 253, §6]