(a) A special purpose financial captive insurance company shall be subject to the provisions of this part and to part I. If there is any conflict between this part and part I, this part shall control.
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(b) A special purpose financial captive insurance company shall be subject to all applicable rules adopted pursuant to § 431:19-114 that are in effect as of July 1, 2008 and that are adopted after July 1, 2008.(c) The commissioner, by order, may exempt a special purpose financial captive insurance company from any provision of this article or from any rule adopted pursuant to § 431:19-114 if the commissioner determines the provision to be inappropriate, given the nature of risks to be insured by the special purpose financial captive insurance company or its approved plan of operation, and that the public interest is being served or protected, and that reasonable expectations of the policyholders and consumers will be maintained.(d) Nothing in this part shall be construed to affect chapter 485A in any manner.
