(a) The affairs of every captive insurance company shall be managed by not less than three directors or managers.
(b) At least one of the directors or managers of every captive insurance company shall be a resident of this state.
(c) Every captive insurance company shall report to the Commissioner within 30 days after any change in its directors or managers including in its report a statement of the business and professional background and affiliations of any new director or manager.
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