58-10-390. Conflict of interest.
(a) Each captive insurance company licensed in this State is required to adopt a conflict of interest statement for officers, directors, and key employees. Such statement shall disclose that the individual has no outside commitments, personal or otherwise, that would divert him or her from his or her duty to further the interests of the captive insurance company he or she represents, but this shall not preclude such person from being a director or officer in more than one insurance company.
(b) Each officer, director, and key employee shall file such disclosure with the board of directors or other governing body of the captive insurance company annually.
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