SB 2765 - Captive Insurance Companies

• Establishes nine new definitions including "Administrator," five classes of captive insurance companies (Class 1-5), and terms like "controlled unaffiliated business," "governing body," and "organizational document."

• Allows pure captive insurance companies to insure risks of controlled unaffiliated businesses on a case-by-case basis, expanding beyond just parent and affiliated entities.

• Creates a captive insurance administrator position within the insurance division as a deputy commissioner exempt from civil service requirements.

• Allows captive insurance companies writing direct workers' compensation insurance under chapter 386 to be subject to article 15 (insolvency) if deemed insolvent.

• Modifies confidentiality provisions so risk retention captive insurance companies follow standard section 431:2-209 confidentiality rules instead of the special captive insurance confidentiality treatment.

• Effective July 1, 2012.