§431:19-106 Formation of captive insurance companies in this State. (a) A captive insurance company shall be:
(b) Before the required organizational documents are transmitted to the department of commerce and consumer affairs, the incorporators or organizers shall petition the commissioner to issue a certificate setting forth the commissioner's finding that the establishment and maintenance of the proposed company will promote the general good of the State. In arriving at such a finding, the commissioner shall consider:
(c) The required organizational documents and fees shall be transmitted to the department of commerce and consumer affairs for filing and recordation, as may be necessary.
(d) The capital stock of a captive insurance company incorporated as a stock insurer shall be issued at not less than par value.
(e) Captive insurance companies formed under this article shall have the privileges and be subject to the general corporation law, nonprofit corporation law, or limited liability company law of this State as may be applicable, as well as this article. In the event of conflict between any of the foregoing applicable laws of this State and this article, this article shall control. [L 1987, c 347, pt of §2; am L 1992, c 108, §3; am L 1993, c 205, §36; am L 1997, c 15, §1; am L 1999, c 302, §5; am L 2003, c 209, §5; am L 2005, c 31, §4; am L 2007, c 232, §7; am L 2012, c 253, §11]