1. (1) A captive reinsurer must be incorporated as a stock insurer with its capital divided into shares and held by the captive reinsurer’s shareholders. In incorporating, a captive reinsurer must comply with the requirements of ORS 735.164.
2. (2) The capital stock of a captive reinsurer must be issued at par value or greater.
3. (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.

[2012 c.84 §22]