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HB 1944 would make a series of changes to the Insurance Code regarding captive insurance companies with five provisions to take note of. First, a captive insurance company would now be permitted to issue life insurance to insure employee benefits that are subject to the Employee Retirement Income Security Act. Next, a captive insurance company may cede risks to or take credit for reserves on risks ceded to a non-affiliated re-insurer. Third, a captive insurance company would be exempt from the requirement to file an actuarial report with the annual report if the company has less than $1 million of net written premium or reinsurance assumed or has been in operation for less than 6 months of the end of the previous calendar year. Fourth, a captive insurance company would not be required to use a licensed adjuster to adjust losses. Finally, conditions for the establishment of captive exchanges would be established.