TITLE 4: ECONOMIC RESOURCES
DIVISION 7: INSURANCE
§ 7904.
Minimum Capital.
No pure captive insurance company, group captive insurance company incorporated as a stock insurer or industrial insured captive insurance company incorporated as a stock insurer, a rent-a-captive or a protected cell captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital of: (a) in the case of a pure captive insurance company, not less than Fifty Thousand Dollars ($50,000.00); (b) in the case of a group captive insurance company incorporated as a stock insurer, not less than One Hundred Thousand Dollars ($100,000.00); (c) in the case of an industrial insured captive insurance company incorporated as a stock insurer not less than One Hundred Fifty Thousand Dollars ($150,000.00); and (d) in the case of a rent-a-captive or a protected cell captive, not less than One Hundred Fifty Thousand Dollars ($150,000.00) for the first client or cell, increasing by One Hundred Fifty Thousand Dollars ($150,000.00) for each additional client or cell up to a maximum of Seven Hundred Fifty Thousand Dollars ($750,000.00). (e) in the case of a risk retention group, not less than Five Hundred Thousand Dollars (US $500,000). Such capital may be in the form of cash deposited in a member bank of the Federal Reserve System licensed to do business in the CNMI and approved by the Commissioner. Within 30 days after commencing business, each captive insurance company shall file with the Commissioner a statement under oath of its president and secretary certifying that a captive insurance company possessed the requisite unimpaired paid-in capital and surplus prior to commencing business. Source: PL 24-03, § 2 (June 12, 2025).