Prior approval of a change in plan of operation and other transactions

(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. (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.