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Senate Bill 667 |
Senate Author: Eltife |
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Effective: 6-15-15 |
House Sponsor: Smithee |
Senate Bill 667 amends the Insurance Code to authorize a captive insurance company to accept risks from, cede risks to, or take credit for reserves on risks ceded to a captive reinsurance pool or an affiliated captive insurance company, subject to the approval of the commissioner of insurance. The bill authorizes the commissioner to require a captive insurance company seeking to participate in a captive reinsurance pool to provide evidence that the pool is composed only of other captive insurance companies and that the pool will be able to meet its financial obligations. The bill also authorizes a captive insurance company, with the commissioner's approval, to issue dividends or distributions to the holders of an equity interest in the captive insurance company.