SB 3081 Summary

• Creates a new "dormant captive insurance company" status allowing captive insurers to place their certificate of authority in inactive status while maintaining minimal capital ($25,000) and filing annual financial reports; certificate renews every five years with a $300 renewal fee.

• Expands the definition of "trade name" to include "doing business as" names and requires licensees to register trade names with the Department of Commerce and Consumer Affairs before use.

• Clarifies that continuing education course examinations and contents do not require submission to the commissioner but must be made available upon request.

• Removes bonding and errors and omissions insurance requirements from the commissioner's general authority over reinsurance intermediary-managers and instead places these requirements on reinsurers to require of their intermediary-managers; increases bond/insurance thresholds and caps.

• Increases third party administrator surety bond requirement from $100,000 to $300,000 upon first renewal and requires submission of audited financial statements by June 1 each year; separates surety bond requirements from annual report requirements.

• Amends definitions of "controlled unaffiliated business" and "participant" for sponsored captive insurance companies to include controlled unaffiliated business entities in addition to affiliated entities.