(1) A captive reinsurer must be incorporated as a stock insurer with its capital divided into shares and held by the captive reinsurer’s shareholders. In incorporating, a captive reinsurer must comply with the requirements of ORS § 735.164.

(2) The capital stock of a captive reinsurer must be issued at par value or greater.

(3) At least one member of the board of directors of a captive reinsurer incorporated in this state must be a resident of this state. [2012 c.84 § 22]

See note under 735.150.

MARKET ASSISTANCE PLANS; JOINT UNDERWRITING ASSOCIATIONS