(1) A captive reinsurer must be incorporated as a stock insurer with its capital divided into shares and held by the captive reinsurers shareholders. In incorporating, a captive reinsurer must comply with the requirements of ORS 735.164. (2) The capital stock of a captive reinsurer must be issued at par value or greater. (3) At least one member of the board of directors of a captive reinsurer incorporated in this state must be a resident of this state. Note: See note under 735.150. MARKET ASSISTANCE PLANS; JOINT UNDERWRITING ASSOCIATIONS
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