Protected Cell Captive Insurance Companies

Revises definition of "captive insurance company" to include protected cell captive insurance company; restricts coverage by protected cell captive insurance companies to protected cell participants; provides minimum capital, net assets & surplus requirements for protected cell captive insurance companies; provides requirements for formations of protected cell captive insurance companies; requires assets & liabilities of protected cells to be separate & separately identifiable from general accounts of captive insurance companies & from other protected cells; authorizes assets of different protected cells to be combined for specified purposes; provides procedures for pleadings in legal actions; provides procedures for protected cells for conversion to other forms, disaffiliation from captive insurance companies, & for merging with other protected cells.