Establishes regulations for life captive reinsurance companies, including formation, operation, and reporting requirements.

The bill outlines provisions for life captive reinsurance companies, which are entities that only reinsure risks of a ceding insurer. It mandates that these companies must be formed as corporations and can only reinsure risks of the organizing company. The bill requires these companies to maintain minimum capital and surplus, submit a plan of operation for commissioner approval, and adhere to specific investment and reporting requirements.

Establishes regulations for life captive reinsurance companies, including formation, operation, and reporting requirements.

The bill outlines provisions for life captive reinsurance companies, which are entities that only reinsure risks of a ceding insurer. It mandates that these companies must be formed as corporations and can only reinsure risks of the organizing company. The bill requires these companies to maintain minimum capital and surplus, submit a plan of operation for commissioner approval, and adhere to specific investment and reporting requirements.