(a) As used in this section, "dormant captive insurance company" means a pure captive insurance company, sponsored captive insurance company, or industrial insured captive insurance company that has:

(1) Ceased transacting the business of insurance, including the issuance of insurance policies; and

(2) No remaining liabilities associated with insurance business transactions, or insurance policies issued before the filing of its application for a certificate of dormancy under this section.

(b)

(1) A captive insurance company domiciled in this state that meets the criteria of subsection (a) of this section may apply to the Insurance Commissioner for a certificate of dormancy.

(2) The certificate of dormancy is subject to renewal every five (5) years and shall be forfeited if not renewed within that time.

(c) A dormant captive insurance company that has been issued a certificate of dormancy shall:

(1) Possess and thereafter maintain unimpaired, paid-in capital and surplus of not less than twenty-five thousand dollars ($25,000);

(2) Before March 15 of each year, submit to the commissioner a report of its financial condition, verified by oath of two (2) of its executive officers, in a form as may be prescribed by the commissioner; and

(3) Pay a license renewal fee as provided in the rules promulgated by the commissioner under Section 18 of Rule and Regulation 73 of the State Insurance Department.

(d) A dormant captive insurance company is not subject to or liable for the payment of any tax under § 23-63-1614.

(e) A dormant captive insurance company shall apply to the commissioner for approval to surrender its certificate of dormancy and resume conducting the business of insurance before issuing any insurance policies.

(f) A certificate of dormancy shall be revoked if a dormant captive insurance company no longer meets the criteria of subsection (a) of this section.

(g) The commissioner may establish guidelines and procedures as necessary to carry out this section.