40-4338. Same; miscellaneous requirements.
108 words·~1 min read·
/ks/chapter-40/40-4338A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
40-4338. Same; miscellaneous requirements.
(a)Activities of a special purpose insurance captive shall be limited to those necessary to accomplish its purpose as outlined in its plan of operation.
(b)The name of a special purpose insurance captive shall not be deceptively similar to or likely to be confused with another existing business name registered in the state.
(c)A special purpose insurance captive must have at least three incorporators or organizers, at least one of whom shall be a resident of the state.
(d)The capital stock of a special purpose insurance captive incorporated as a stock company shall be issued at not less than par value.