40-4306.Incorporation of companies; incorporators, number andresidency requirements; petition of commissioner for issuance ofcertificate that company promotes welfare of state; certificate and articlesof incorporation to be filed with secretary of state; organization fee;capital stock requirements; board of directors, residency requirements;application of general corporation code.(a) A pure captive insurance company shall be incorporated asa stock insurer with its capital divided into shares and held by the stockholders.
(b) An industrial insuredcaptive insurance company may be incorporated:
(1) As a stock insurer with its capital divided into shares and held bythe stockholders; or
(2) as a mutual insurer without capital stock.
(c) A captive insurance company shall have not less than threeincorporators of whom not less than two shall be residents of this state.
(d) Before the articles of incorporation are transmitted to thesecretary of state, the incorporators shall petition the commissioner toissue a certificate setting forth such commissioner's finding that theestablishment and maintenance of the proposed corporation will promote thegeneral good of the state. In arriving at such finding the commissioner shall consider:
(1) The character, reputation, financial standing and purposes of the incorporators;
(2) the character, reputation, financial responsibility, insuranceexperience and business qualifications of the officers and directors; and
(3) such other aspects as the commissioner shall deem advisable.
(e) The articles of incorporation, such certificate and the organizationfee shall be transmitted to the secretary of state, who shall thereuponrecord both the articles of incorporation and the certificate.
(f) The capital stock of a captive insurance company incorporated as astock insurer shall be issued at not less than par value.
(g) At least one of the members of the board of directors of a captiveinsurance company incorporated in this state shall be a resident of this state.
(h) Captive insurance companies formed under the provisions of thischapter shall have the privileges and be subject to the provisions of thegeneral corporation code as well as the applicable provisions contained inthis act. In the event of conflict between the provisions of the generalcorporation code and the provisions of this act, the latter shall control.
40-4306.Incorporation of companies; incorporators, number andresidency requirements; petition of commissioner for issuance ofcertificate that company promotes welfare of state; certificate and articlesof incorporation to be filed with secretary of state; organization fee;capital stock requirements; board of directors, residency requirements;application of general corporation code.(a) A pure captive insurance company shall be incorporated asa stock insurer with its capital divided into shares and held by the stockholders.
(b) An industrial insuredcaptive insurance company may be incorporated:
(1) As a stock insurer with its capital divided into shares and held bythe stockholders; or
(2) as a mutual insurer without capital stock.
(c) A captive insurance company shall have not less than threeincorporators of whom not less than two shall be residents of this state.
(d) Before the articles of incorporation are transmitted to thesecretary of state, the incorporators shall petition the commissioner toissue a certificate setting forth such commissioner's finding that theestablishment and maintenance of the proposed corporation will promote thegeneral good of the state. In arriving at such finding the commissioner shall consider:
(1) The character, reputation, financial standing and purposes of the incorporators;
(2) the character, reputation, financial responsibility, insuranceexperience and business qualifications of the officers and directors; and
(3) such other aspects as the commissioner shall deem advisable.
(e) The articles of incorporation, such certificate and the organizationfee shall be transmitted to the secretary of state, who shall thereuponrecord both the articles of incorporation and the certificate.
(f) The capital stock of a captive insurance company incorporated as astock insurer shall be issued at not less than par value.
(g) At least one of the members of the board of directors of a captiveinsurance company incorporated in this state shall be a resident of this state.
(h) Captive insurance companies formed under the provisions of thischapter shall have the privileges and be subject to the provisions of thegeneral corporation code as well as the applicable provisions contained inthis act. In the event of conflict between the provisions of the generalcorporation code and the provisions of this act, the latter shall control.
40-4306.Incorporation of companies; incorporators, number andresidency requirements; petition of commissioner for issuance ofcertificate that company promotes welfare of state; certificate and articlesof incorporation to be filed with secretary of state; organization fee;capital stock requirements; board of directors, residency requirements;application of general corporation code.(a) A pure captive insurance company shall be incorporated asa stock insurer with its capital divided into shares and held by the stockholders.
(b) An industrial insuredcaptive insurance company may be incorporated:
(1) As a stock insurer with its capital divided into shares and held bythe stockholders; or
(2) as a mutual insurer without capital stock.
(c) A captive insurance company shall have not less than threeincorporators of whom not less than two shall be residents of this state.
(d) Before the articles of incorporation are transmitted to thesecretary of state, the incorporators shall petition the commissioner toissue a certificate setting forth such commissioner's finding that theestablishment and maintenance of the proposed corporation will promote thegeneral good of the state. In arriving at such finding the commissioner shall consider:
(1) The character, reputation, financial standing and purposes of the incorporators;
(2) the character, reputation, financial responsibility, insuranceexperience and business qualifications of the officers and directors; and
(3) such other aspects as the commissioner shall deem advisable.
(e) The articles of incorporation, such certificate and the organizationfee shall be transmitted to the secretary of state, who shall thereuponrecord both the articles of incorporation and the certificate.
(f) The capital stock of a captive insurance company incorporated as astock insurer shall be issued at not less than par value.
(g) At least one of the members of the board of directors of a captiveinsurance company incorporated in this state shall be a resident of this state.
(h) Captive insurance companies formed under the provisions of thischapter shall have the privileges and be subject to the provisions of thegeneral corporation code as well as the applicable provisions contained inthis act. In the event of conflict between the provisions of the generalcorporation code and the provisions of this act, the latter shall control.
