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House Bill No. 5506

Public Act No. 22-118 621 of 739

(a) (1) [The Insurance Commissioner] Except as provided in subdivision (3) of this subsection, the commissioner shall not issue a license to a captive insurance company or allow the company to retain such license unless the company has and maintains unimpaired paid-in capital and surplus of: (A) In the case of a pure captive insurance company, not less than [two hundred fifty thousand dollars;] the greater of: (i) Fifty thousand dollars; or (ii) An amount that the commissioner determines is necessary for the pure captive insurance company to meet such pure captive insurance company's policy obligations; (B) In the case of an association captive insurance company, not less than [five hundred thousand dollars;] the greater of: (i) Two hundred fifty thousand dollars; or (ii) An amount that the commissioner determines is necessary for the association captive insurance company to meet such association captive insurance company's policy obligations; (C) In the case of an industrial insured captive insurance company, not less than [five hundred thousand dollars;] the greater of: (i) Two hundred fifty thousand dollars; or (ii) An amount that the commissioner determines is necessary for the industrial insured captive insurance company to meet such industrial insured captive insurance company's policy obligations; (D) In the case of a risk retention group, not less than one million dollars;