(1)
(a) A special purpose financial captive insurance company is subject to:
(i) this chapter; and
(ii) Chapter 37, Captive Insurance Companies Act.
(b) If there is a conflict between this chapter and Chapter 37, Captive Insurance Companies Act, this chapter controls.
(2) A special purpose financial captive insurance company is subject to a rule made under Section 31A-37-106 that is in effect on or after May 5, 2008.
(3) The commissioner may, by order, exempt a special purpose financial captive insurance company from a provision of Chapter 37, Captive Insurance Companies Act, or a rule made under Section 31A-37-106 if the commissioner determines that the application of the provision or rule is inappropriate on the basis of the special purpose financial captive insurance company's plan of operation.