Section 23-63-1624 - Dormant captive insurance company - Definition(a) As used in this section, "dormant captive insurance company" means a pure captive insurance company, sponsored captive insurance company, or industrial insured captive insurance company that has: (1) Ceased transacting the business of insurance, including the issuance of insurance policies; and(2) No remaining liabilities associated with insurance business transactions, or insurance policies issued before the filing of its application for a certificate of dormancy under this section.(b)(1) A captive insurance company domiciled in this state that meets the criteria of subsection (a) of this section may apply to the Insurance Commissioner for a certificate of dormancy.(2) The certificate of dormancy is subject to renewal every five (5) years and shall be forfeited if not renewed within that time.(c) A dormant captive insurance company that has been issued a certificate of dormancy shall: (1) Possess and thereafter maintain unimpaired, paid-in capital and surplus of not less than twenty-five thousand dollars ($25,000);(2) Before March 15 of each year, submit to the commissioner a report of its financial condition, verified by oath of two (2) of its executive officers, in a form as may be prescribed by the commissioner; and(3) Pay a license renewal fee as provided in the rules promulgated by the commissioner under Section 18 of Rule and Regulation 73 of the State Insurance Department.(d) A dormant captive insurance company is not subject to or liable for the payment of any tax under § 23-63-1614.(e) A dormant captive insurance company shall apply to the commissioner for approval to surrender its certificate of dormancy and resume conducting the business of insurance before issuing any insurance policies.(f) A certificate of dormancy shall be revoked if a dormant captive insurance company no longer meets the criteria of subsection (a) of this section.(g) The commissioner may establish guidelines and procedures as necessary to carry out this section.Added by Act 2017, No. 370,§ 10, eff. 8/1/2017.