SB434 - Relating To Insurance.

5 Co-Sponsors

Requires sponsored captive insurance companies to maintain separate protected cells for separate participant contracts. Authorizes captive insurance companies to apply for an exemption from examination from the insurance commissioner; provided that certain conditions are met. Requires protected cells established by sponsored captive insurance companies to be approved by the insurance commissioner. Authorizes sponsored captive insurance companies to establish and maintain protected cells to insure risks of parties unaffiliated with a participant under certain circumstances. Requires a participant, through a sponsored captive insurance company, to insure only risks approved by the insurance commissioner. Effective 7/1/2050. (HD1)