4. A captive insurance company shall not pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the commissioner. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by, or determined in accordance with formulas approved by, the commissioner. Notwithstanding any provisions of the “New Jersey Nonprofit Corporation Act,” N.J.S. 15A:1-1 et seq. to the contrary, a captive insurance company organized under the provisions of the “New Jersey Nonprofit Corporation Act,” N.J.S. 15A:1-1 et seq. may make distributions as are in conformity with its purposes and approved by the commissioner.

L.2011, c.25, s.4.