56-13-104. Application for certificate authorizing issuance of malpractice insurance.
(a) Any pure captive insurance company, when permitted by its articles of incorporation or charter, may apply to the commissioner for a certificate of authority to engage in the insurance business in this state, to make reinsurance and insurance to protect against professional liability, property, casualty, errors and omissions and comprehensive general liability as defined in § 56-2-201, as limited by § 56-13-103, or to make insurance or reinsurance to indemnify or otherwise protect against losses due to financial insolvency or liquidation of credit unions.
(b) Any pure captive insurance company applying for a certificate of authority to engage in the insurance business in the state must demonstrate to the satisfaction of the commissioner that the total insurance coverage necessary to insure all risks, hazards and liabilities of the parent and companies to be insured would develop, in the aggregate, gross annual premiums of at least five hundred thousand dollars ($500,000); except that a pure captive insurance company may be organized to underwrite, guarantee or otherwise protect against financial losses due to insolvency or liquidation of credit unions, without regard to the limitation on gross annual premiums.
(c) Any association captive insurance company, industrial insured captive insurance company or mutual captive insurance company, when permitted by its articles of incorporation or charter, may apply to the commissioner for a certificate of authority to engage in the insurance business in the state, to make reinsurance and insurance to protect against professional liability, casualty, errors and omissions and comprehensive general liability, as defined in § 56-2-201, as limited by § 56-13-103.
(d) Any association captive insurance company, industrial insured captive insurance company or mutual captive insurance company applying for a certificate of authority to engage in the insurance business in the state must demonstrate to the satisfaction of the commissioner that adequate insurance markets in the United States are not available to cover the risks, hazards and liabilities of the association and its member organizations, or of the industrial insured group, or that the needed coverage is only available at excessive rates or with unreasonable deductibles and that the total insurance coverage necessary to insure all risks, hazards and liabilities of the association and its member organizations, or of the industrial insured group, would develop, in the aggregate, gross annual premiums of at least one million dollars ($1,000,000); provided, that this limitation on gross annual premiums does not apply to any captive insurance company organized and operated for the purpose of underwriting, guaranteeing or protecting against financial loss due to insolvency or liquidation of credit unions.
(e) Any association captive insurance company that is described in § 56-13-102(3)(C) or mutual captive insurance company whose member organizations or insureds are the type member organization described in § 56-13-102(3)(C) must demonstrate to the satisfaction of the commissioner that its member organizations or insureds would develop, in the aggregate, gross annual premiums of at least five hundred thousand dollars ($500,000), the provisions of subsection (d) to the contrary notwithstanding.
(f) Any association captive insurance company that is described in § 56-13-102(3)(C) or mutual captive insurance company whose member organizations or insureds are the type member organizations described in § 56-13-102(3)(C) may apply to the commissioner for a certificate of authority to engage in such business of insurance as may be permitted for a pure captive insurance company, as well as those permitted for an association captive insurance company and for that business of insurance permitted by § 56-13-103(b)(2).
56-13-104. Application for certificate authorizing issuance of malpractice insurance.
(a) Any pure captive insurance company, when permitted by its articles of incorporation or charter, may apply to the commissioner for a certificate of authority to engage in the insurance business in this state, to make reinsurance and insurance to protect against professional liability, property, casualty, errors and omissions and comprehensive general liability as defined in § 56-2-201, as limited by § 56-13-103, or to make insurance or reinsurance to indemnify or otherwise protect against losses due to financial insolvency or liquidation of credit unions.
(b) Any pure captive insurance company applying for a certificate of authority to engage in the insurance business in the state must demonstrate to the satisfaction of the commissioner that the total insurance coverage necessary to insure all risks, hazards and liabilities of the parent and companies to be insured would develop, in the aggregate, gross annual premiums of at least five hundred thousand dollars ($500,000); except that a pure captive insurance company may be organized to underwrite, guarantee or otherwise protect against financial losses due to insolvency or liquidation of credit unions, without regard to the limitation on gross annual premiums.
(c) Any association captive insurance company, industrial insured captive insurance company or mutual captive insurance company, when permitted by its articles of incorporation or charter, may apply to the commissioner for a certificate of authority to engage in the insurance business in the state, to make reinsurance and insurance to protect against professional liability, casualty, errors and omissions and comprehensive general liability, as defined in § 56-2-201, as limited by § 56-13-103.
(d) Any association captive insurance company, industrial insured captive insurance company or mutual captive insurance company applying for a certificate of authority to engage in the insurance business in the state must demonstrate to the satisfaction of the commissioner that adequate insurance markets in the United States are not available to cover the risks, hazards and liabilities of the association and its member organizations, or of the industrial insured group, or that the needed coverage is only available at excessive rates or with unreasonable deductibles and that the total insurance coverage necessary to insure all risks, hazards and liabilities of the association and its member organizations, or of the industrial insured group, would develop, in the aggregate, gross annual premiums of at least one million dollars ($1,000,000); provided, that this limitation on gross annual premiums does not apply to any captive insurance company organized and operated for the purpose of underwriting, guaranteeing or protecting against financial loss due to insolvency or liquidation of credit unions.
(e) Any association captive insurance company that is described in § 56-13-102(3)(C) or mutual captive insurance company whose member organizations or insureds are the type member organization described in § 56-13-102(3)(C) must demonstrate to the satisfaction of the commissioner that its member organizations or insureds would develop, in the aggregate, gross annual premiums of at least five hundred thousand dollars ($500,000), the provisions of subsection (d) to the contrary notwithstanding.
(f) Any association captive insurance company that is described in § 56-13-102(3)(C) or mutual captive insurance company whose member organizations or insureds are the type member organizations described in § 56-13-102(3)(C) may apply to the commissioner for a certificate of authority to engage in such business of insurance as may be permitted for a pure captive insurance company, as well as those permitted for an association captive insurance company and for that business of insurance permitted by § 56-13-103(b)(2).
56-13-104. Application for certificate authorizing issuance of malpractice insurance.
(a) Any pure captive insurance company, when permitted by its articles of incorporation or charter, may apply to the commissioner for a certificate of authority to engage in the insurance business in this state, to make reinsurance and insurance to protect against professional liability, property, casualty, errors and omissions and comprehensive general liability as defined in § 56-2-201, as limited by § 56-13-103, or to make insurance or reinsurance to indemnify or otherwise protect against losses due to financial insolvency or liquidation of credit unions.
(b) Any pure captive insurance company applying for a certificate of authority to engage in the insurance business in the state must demonstrate to the satisfaction of the commissioner that the total insurance coverage necessary to insure all risks, hazards and liabilities of the parent and companies to be insured would develop, in the aggregate, gross annual premiums of at least five hundred thousand dollars ($500,000); except that a pure captive insurance company may be organized to underwrite, guarantee or otherwise protect against financial losses due to insolvency or liquidation of credit unions, without regard to the limitation on gross annual premiums.
(c) Any association captive insurance company, industrial insured captive insurance company or mutual captive insurance company, when permitted by its articles of incorporation or charter, may apply to the commissioner for a certificate of authority to engage in the insurance business in the state, to make reinsurance and insurance to protect against professional liability, casualty, errors and omissions and comprehensive general liability, as defined in § 56-2-201, as limited by § 56-13-103.
(d) Any association captive insurance company, industrial insured captive insurance company or mutual captive insurance company applying for a certificate of authority to engage in the insurance business in the state must demonstrate to the satisfaction of the commissioner that adequate insurance markets in the United States are not available to cover the risks, hazards and liabilities of the association and its member organizations, or of the industrial insured group, or that the needed coverage is only available at excessive rates or with unreasonable deductibles and that the total insurance coverage necessary to insure all risks, hazards and liabilities of the association and its member organizations, or of the industrial insured group, would develop, in the aggregate, gross annual premiums of at least one million dollars ($1,000,000); provided, that this limitation on gross annual premiums does not apply to any captive insurance company organized and operated for the purpose of underwriting, guaranteeing or protecting against financial loss due to insolvency or liquidation of credit unions.
(e) Any association captive insurance company that is described in § 56-13-102(3)(C) or mutual captive insurance company whose member organizations or insureds are the type member organization described in § 56-13-102(3)(C) must demonstrate to the satisfaction of the commissioner that its member organizations or insureds would develop, in the aggregate, gross annual premiums of at least five hundred thousand dollars ($500,000), the provisions of subsection (d) to the contrary notwithstanding.
(f) Any association captive insurance company that is described in § 56-13-102(3)(C) or mutual captive insurance company whose member organizations or insureds are the type member organizations described in § 56-13-102(3)(C) may apply to the commissioner for a certificate of authority to engage in such business of insurance as may be permitted for a pure captive insurance company, as well as those permitted for an association captive insurance company and for that business of insurance permitted by § 56-13-103(b)(2).
