Duties of captive insurers

(1) A captive insurer shall engage a manager who is approved by the commissioner. (2) The captive manager shall maintain the books and records of the captive insurer's business, transactions, and affairs at a location that is in this state or shall make them available to the commissioner at a location that is in this state. (3) The captive manager shall promptly notify the commissioner of any failure of the captive insurer to comply with this section. (4) The commissioner may require a captive insurer to discharge a captive manager for failure to substantively fulfill the captive manager's duties under this subtitle.