(1) A special purpose financial captive insurance company may not change its plan of operation without the prior approval of the commissioner.

(2) (a) Subject to Subsection (2)(b), a special purpose financial captive insurance company may not engage in a transaction or series of transactions without the prior approval of the commissioner if the transaction or series of transactions: (i) is undertaken to dissolve the special purpose financial captive insurance company; or (ii) results in the termination of all or a part of a special purpose financial captive insurance company's business. (b) A special purpose financial captive insurance company is not required to obtain the prior approval of the commissioner for a transaction or series of transactions described in Subsection (2)(a)(ii) if: (i) the transaction or series of transactions is done in accordance with a document or agreement described in the special purpose financial captive insurance company's plan of operation; and (ii) the special purpose financial captive insurance company notifies the commissioner prior to the transaction or series of transactions.

(a) Subject to Subsection (2)(b), a special purpose financial captive insurance company may not engage in a transaction or series of transactions without the prior approval of the commissioner if the transaction or series of transactions: (i) is undertaken to dissolve the special purpose financial captive insurance company; or (ii) results in the termination of all or a part of a special purpose financial captive insurance company's business.

(i) is undertaken to dissolve the special purpose financial captive insurance company; or

(ii) results in the termination of all or a part of a special purpose financial captive insurance company's business.

(b) A special purpose financial captive insurance company is not required to obtain the prior approval of the commissioner for a transaction or series of transactions described in Subsection (2)(a)(ii) if: (i) the transaction or series of transactions is done in accordance with a document or agreement described in the special purpose financial captive insurance company's plan of operation; and (ii) the special purpose financial captive insurance company notifies the commissioner prior to the transaction or series of transactions.

(i) the transaction or series of transactions is done in accordance with a document or agreement described in the special purpose financial captive insurance company's plan of operation; and

(ii) the special purpose financial captive insurance company notifies the commissioner prior to the transaction or series of transactions.

(3) A special purpose financial captive insurance company shall notify the commissioner before a change in the legal ownership of a security issued by the special purpose financial captive insurance company.