Section 431:19-NEW - Dormant captive insurance companies(a) A captive insurance company may apply to the commissioner for a certificate of dormancy and the commissioner may grant a certificate of dormancy. The certificate of dormancy shall be subject to renewal every five years and shall expire if not renewed. The application for renewal shall be submitted not less than ninety days before the certificate expiration date. The issuance of a certificate of dormancy shall automatically cause the certificate of authority of the captive insurance company to be placed in inactive status.(b) 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 $25,000;(2) Before March 1 of each year, submit to the commissioner a report of its financial condition, verified by oath of two of its executive officers, in a form as may be prescribed by the commissioner; and(3) Pay a certificate of dormancy renewal fee of $300.(c) A dormant captive insurance company that has been issued a certificate of dormancy shall not; (1) Conduct the business of insurance;(2) Be subject to or liable for the payment of any tax under section 431:19-116;(3) Be required to file audited annual financial statements and other reports required under section 431:19-107; and(4) Be subject to examination under section 431:19-108, except for non-compliance with this section.(d) Before conducting any insurance business, a dormant captive insurance company shall apply for approval from the commissioner to surrender its certificate of dormancy and to reactivate its certificate of authority.(e) A certificate of dormancy shall be revoked if a dormant captive insurance company violates any provisions of subsections (a) through (c).(f) The commissioner may adopt rules as necessary to carry out this section.(g) As used in this section, unless the context requires otherwise, "dormant captive insurance company" means a captive insurance company that as of the filing of its application for a certificate of dormancy under this section; (1) Has never transacted the business of insurance; or(2) Has ceased transacting the business of insurance and has no remaining insurance liabilities associated with any business of insurance transacted by it.Added by L 2024, c 69,§ 1, eff. 6/21/2024.