§ 6031 - Formation
§ 6031. Formation
(a) One or more sponsors may form a sponsored captive insurance company under this chapter. In addition to the general provisions of this chapter, the provisions of this subchapter shall apply to sponsored captive insurance companies.
(b) A sponsored captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders, as a nonprofit corporation with one or more members, or as a manager-managed limited liability company. (Added 2003, No. 55, § 9; amended 2005, No. 122 (Adj. Sess.), § 5.)