(a) No captive insurance company shall transact any insurance business in this state unless it first procures from the commissioner a certificate of authority stating that the requirements of the laws of this state have been complied with and authorizing it to do business. The certificate of authority shall expire on June 30 of each year, and shall be renewed annually if the company has continued to comply with the laws of this state.
(b) No certificate of authority to transact any kind of insurance business in this state, except those forms of insurance and reinsurance provided in § 56-13-103 and insurance or reinsurance for the financial losses caused by the insolvency or liquidation of credit unions, shall be issued or renewed to any company that is owned, or financially controlled in whole or in part, by another state of the United States, a foreign government, or any political subdivision, instrumentality, or agency of the United States or any state.
(a) No captive insurance company shall transact any insurance business in this state unless it first procures from the commissioner a certificate of authority stating that the requirements of the laws of this state have been complied with and authorizing it to do business. The certificate of authority shall expire on June 30 of each year, and shall be renewed annually if the company has continued to comply with the laws of this state.
(b) No certificate of authority to transact any kind of insurance business in this state, except those forms of insurance and reinsurance provided in § 56-13-103 and insurance or reinsurance for the financial losses caused by the insolvency or liquidation of credit unions, shall be issued or renewed to any company that is owned, or financially controlled in whole or in part, by another state of the United States, a foreign government, or any political subdivision, instrumentality, or agency of the United States or any state.
(a) No captive insurance company shall transact any insurance business in this state unless it first procures from the commissioner a certificate of authority stating that the requirements of the laws of this state have been complied with and authorizing it to do business. The certificate of authority shall expire on June 30 of each year, and shall be renewed annually if the company has continued to comply with the laws of this state.
(b) No certificate of authority to transact any kind of insurance business in this state, except those forms of insurance and reinsurance provided in § 56-13-103 and insurance or reinsurance for the financial losses caused by the insolvency or liquidation of credit unions, shall be issued or renewed to any company that is owned, or financially controlled in whole or in part, by another state of the United States, a foreign government, or any political subdivision, instrumentality, or agency of the United States or any state.
