INSURANCE: Establishes guidelines for the regulation of captive insurance companies and risk retention groups

The bill header and title were updated to reflect the official document number (HLS 26RS-1247) and clearly state the subject matter regarding captive insurance and risk retention groups.

Minor formatting and punctuation adjustments were made throughout the document to improve consistency and readability.

Specific legal citations within the bill were updated to remove redundant references (e.g., changing '550.10(E) and (F)' to separate lines) and to correct the citation for the introductory paragraph of Section 550.21.

The text requiring deposits from captive insurers and risk retention groups was updated to apply the requirement to both entity types equally, changing 'captive insurance company or a risk retention group' to 'captive insurance company and risk retention groups'.

A provision allowing the commissioner to waive requirements for risk retention groups was updated to specify that waivers cannot violate 'accreditation requirements' of the National Association of Insurance Commissioners.

The section governing the limitation of risk for captive insurers was rewritten to allow the commissioner to prohibit exposure to loss on a single risk between three and ten percent of capital and surplus, replacing the previous specific percentage limit.

Risk retention groups are now explicitly required to make deposits with the commissioner, matching the requirements previously applied only to captive insurance companies.

New requirements mandate that board members of risk retention groups must comply with specific corporate governance standards for domestic risk retention groups.

The bill status was updated from 'Reengrossed' to 'Enrolled', and page numbering was adjusted to reflect the final version.

The maximum exposure limit for a single risk was increased from 10% to 30% of capital and surplus, provided the commissioner grants specific authorization.

Waiver authority was expanded to apply to all requirements in the Title, rather than being restricted to a specific Subpart.

Several sections were renumbered and reorganized to fix structural errors and improve the flow of the regulations.