LLLLLLLLL

 

 

†† HOME

 

CAPTIVE INSURANCE COMPANY

ADMINISTRATIVE RULES

 

 

4.†††††††† The rules generally require insurance managers, brokers, agents, salespersons, and reinsurance intermediaries to be specifically authorized by the commissioner.

 

5.†††††††† The rules generally require insurers to notify the commissioner within 30 days of changes in directors and officers, providing biographical information about the new directors and officers.It also includes a provision concerning transactions between the directors, officers, and employees and the insurers.

 

6.†††††††† The rules generally require adoption of a conflict of interest statement for officers, directors and key employees, with annual disclosure to the insurerís Board of Directors.

 

7.†††††††† The rules generally require the Commissionerís advance written approval for the acquisition of control of a captive insurer.

 

8.†††††††† The rules generally require filing and advance approval by the commissioner for changes in the nature of a captiveís business from the plan of operation in the application.

 

9.†††††††† The rules generally will require an annual audit by a CPA approved by the Commissioner, to be filed on or before June 30th of each year.Contents of the audit must include:

 

a.†††††††† The opinion of the CPA;

 

b.†††††††† A report of the Evaluation of Internal Controls;

 

 

NEXT PAGE

 

 

 

 

 

BACK Ė USE ARROW

TO PRINT USE PRINT PREVIEW