§ 58-10-570. Organization of an SPFC.
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§ 58-10-570. Organization of an SPFC.
(a)An SPFC may be established as a stock corporation, limited liability company, mutual, partnership, or other form of organization approved by the Commissioner.
(b)The SPFC's organizational documents shall limit the SPFC's authority to transact the business of insurance or reinsurance to those activities the SPFC conducts to accomplish its purpose as expressed in this Part.
(c)The SPFC shall not adopt a name that is the same as, deceptively similar to, or likely to be confused with or mistaken for another existing business name registered in this State. Any name adopted by an SPFC shall comply with State law.
(d)An SPFC shall have at least three incorporators or organizers, of whom at least two shall be residents of this State.
(e)At least one of the members of the management of the SPFC shall be a resident of this State.
(f)An SPFC formed pursuant to this Part has the privileges of and is subject to all other requirements of this State's law applicable to its formation, as well as the applicable provisions contained in this Part, provided that this Part controls if a conflict exists in this State's law. (2013-116, s. 1.)