[§431:19-117] Dormant captive insurance companies. (a) A captive insurance company may apply to the commissioner for a certificate of dormancy and the commissioner may grant a certificate of dormancy. The certificate of dormancy shall be subject to renewal every five years and shall expire if not renewed. The application for renewal shall be submitted not less than ninety days before the certificate expiration date. The issuance of a certificate of dormancy shall automatically cause the certificate of authority of the captive insurance company to be placed in inactive status.
(b) A dormant captive insurance company that has been issued a certificate of dormancy shall:
(c) A dormant captive insurance company that has been issued a certificate of dormancy shall not:
(d) Before conducting any insurance business, a dormant captive insurance company shall apply for approval from the commissioner to surrender its certificate of dormancy and to reactivate its certificate of authority.
(e) A certificate of dormancy shall be revoked if a dormant captive insurance company violates any provisions of subsections (a) through (c).
(f) The commissioner may adopt rules as necessary to carry out this section.
(g) As used in this section, unless the context requires otherwise, "dormant captive insurance company" means a captive insurance company that as of the filing of its application for a certificate of dormancy under this section: