40-4362. Formation of protected cell captive insurance company.
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40-4362. Formation of protected cell captive insurance company.
(a)One or more sponsors may form a protected cell captive insurance company under this act. This act shall apply to protected cell captive insurance companies.
(b)A protected cell captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders as a mutual corporation, as a nonprofit corporation with one or more members or as a limited liability company.