§ 31–3931.22. Applicable laws.
(a) Except as otherwise expressly provided in this chapter, only the following laws relating to insurance shall apply to risk retention groups licensed as captive insurers:
(1) Chapter 4 of this title notwithstanding the definition of the term “licensed insurer” or “insurer” in § 31-401(7)(A);
(2) Subchapter I of Chapter 7 of this title;
(3) Chapter 15 of this title; and
(b) Except for §§ 31-2002(a)(2) and 31-2003(f), Chapter 20 of this title shall, effective January 1, 2012, apply to risk retention groups licensed as captive insurers; provided, that the Commissioner may waive the requirement that a risk retention group licensed as a captive insurer file a Risk Based Capital Plan under Chapter 20 of this title if the insurer is in compliance with its approved plan of operation and any additional requirements imposed by the Commissioner by rule pursuant to § 31-3931.21.
