A captive insurer must apply to the Commissioner for a license. The application must include:
1. A certified copy of the charter and bylaws of the captive insurer;
2. A pro forma financial statement for the captive insurer that has been prepared by a certified public accountant or an actuary authorized by the Division to conduct business in this State;
3. Any other statements or documents that the Commissioner requires to be filed with the application;
4. Evidence of:
(a) The amount and liquidity of its assets relative to the risks to be assumed by the captive insurer;
(b) The expertise, experience and character of the persons who will manage the captive insurer;
(c) The overall soundness of the plan of operation of the captive insurer; and
(d) The adequacy of the programs of the captive insurer providing for loss prevention by its parent or member organizations, as applicable; and
5. Such other information deemed to be relevant by the Commissioner in ascertaining whether the proposed captive insurer will be able to meet its policy obligations.