™Your Policy Risk Impact Agent
115 chapters · 1,834 sections in this title.
4 CMC § 7906 Formation of Captive Insurance Companies in the CNMI
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Formation of Captive Insurance Companies in the CNMI. (a) A pure captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders. (b) A group captive insurance company or an industrial insured captive insurance …
4 CMC § 7907 Rules for Controlled Unaffiliated Business
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Rules for Controlled Unaffiliated Businesses. The Commissioner may adopt rules establishing standards to ensure that a parent or its affiliated company, or an industrial insured or its affiliated company is able to exercise control of the risk management function of any controlle…
4 CMC § 7908 Financial Statements and Reports
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Financial Statements and Reports. (a) Each pure captive insurance company shall submit to the Commissioner a statement of financial condition written according to generally accepted accounting principles and audited by an independent certified public accountant, on or before the …
4 CMC § 7909 Dividends
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Dividends. No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the Commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon t…
