captive insurers; certificate of dormancy

Added a new section 20-1098.24 establishing a certificate of dormancy process for captive insurers that have ceased insurance operations and have no outstanding liabilities.

Reduced the minimum capital and surplus requirement for protected cell captive insurers from $500,000 to $250,000.

Added specific requirements for dormant captive insurers, including maintaining at least $125,000 in capital and surplus, submitting annual financial reports, and paying renewal fees every five years.

Added definitions for 'dormant captive insurer', 'protected cell', and 'sponsor' to clarify the regulatory framework for these entities.

Established that the director may revoke a certificate of dormancy if the captive insurer no longer meets the required definition or fails to maintain required capital and surplus.