Sec. 123C-23. Approval of captive reinsurance pools. Before determining whether to approve a captive insurance company's participation in a captive reinsurance pool under Section 123C-13 of this Code, the Director may: (1) require the captive insurance company provide to the Director evidence that the captive reinsurance pool: (a) is composed only of other captive insurance companies holding a certificate of authority under this Article or a similar law of another jurisdiction; and (b) will be able to meet the pool's financial obligations; and (2) impose any other limitation or requirement on the captive insurance company that is necessary and proper to provide adequate security for the captive insurance company. the Director evidence that the captive reinsurance pool: insurance companies holding a certificate of authority under this Article or a similar law of another jurisdiction; and obligations; and the captive insurance company that is necessary and proper to provide adequate security for the captive insurance company.
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