Page 614

House Bill No. 5506

Public Act No. 22-118 614 of 739

accept service of process and to otherwise act on its behalf in this state. Whenever such registered agent cannot with reasonable diligence be found at the registered office of the captive insurance company, the [Insurance Commissioner] commissioner shall be an agent of [such] the captive insurance company upon whom any process, notice or demand may be served. (c) (1) To be considered for a license, a captive insurance company shall: (A) File with the commissioner a certified copy of its organizational documents, a statement under oath of its president and secretary showing its financial condition, and any other statements or documents required by the commissioner; and (B) Submit to the commissioner for approval a description of the coverages, deductibles, coverage limits and rates and such additional information as the commissioner may require. In the event of any subsequent material change in any item in such description, the captive insurance company shall submit to the commissioner for approval an appropriate revision and shall not offer any additional kinds of insurance until a revision of such description is approved by the commissioner. The captive insurance company shall inform the commissioner of any material change in rates not later than thirty days after the adoption of such change. (2) Each applicant captive insurance company shall also file with the commissioner evidence of the following: (A) The amount and liquidity of the company's assets relative to the risks to be assumed; (B) The adequacy of the expertise, experience and character of the persons who will manage the company;