(1) A captive reinsurance company must be incorporated as a stock insurer with its capital divided into shares and held by its shareholders.
(2) A captive reinsurance company may not have fewer than three incorporators of whom at least two must be residents of this state.
(3) Before the articles of incorporation are transmitted to the Secretary of State, the incorporators must comply with all the requirements of s. 628.091.
(4) The capital stock of a captive reinsurance company must be issued at par value of not less than $1 or more than $100 per share.
(5) At least one of the members of the board of directors of a captive reinsurance company incorporated in this state must be a resident of this state.
History.—s. 30, ch. 2012-151.