1. (A) The director may declare inactive by order a captive insurance company other than a risk retention group or association captive if such captive insurance company has no outstanding liabilities and agrees to cease providing insurance coverage.

2. (B) During the period the captive insurance company is inactive, the director may by order:

   1. (1) modify the minimum premium tax applicable to the captive insurance company to an amount no less than two thousand dollars and the captive insurance company shall pay no other premium taxes; and
   2. (2) exempt the captive insurance company from the requirement to file such reports as set forth in the order.

HISTORY: 2014 Act No. 282 (S.909), Section 1, eff June 10, 2014.