31A-37a-204. Prior approval of a change in plan of operation and other transactions.
(1) A special purpose financial captive insurance company may not change its plan of operation without the prior approval of the commissioner.
(2) Subject to Subsection, a special purpose financial captive insurance company may not engage in a transaction or series of transactions without the prior approval of the commissioner if the transaction or series of transactions: (2)(b) is undertaken to dissolve the special purpose financial captive insurance company; or results in the termination of all or a part of a special purpose financial captive insurance company's business. A special purpose financial captive insurance company is not required to obtain the prior approval of the commissioner for a transaction or series of transactions described in Subsectionif: (2)(a)(ii) the transaction or series of transactions is done in accordance with a document or agreement described in the special purpose financial captive insurance company's plan of operation; and the special purpose financial captive insurance company notifies the commissioner prior to the transaction or series of transactions.
(3) A special purpose financial captive insurance company shall notify the commissioner before a change in the legal ownership of a security issued by the special purpose financial captive insurance company.