Senate committee substitute to the 5th edition makes the following changes. Amends GS 58-10-335 to provide that the purpose of Part 9 is to establish procedures for the organization and regulation of the operations of captive insurance companies transacting insurance business in the state (was, captive insurance companies in the state).

Amends GS 58-10-345 to provide that any captive insurance company may apply for a license to do any and all insurance comprised in GS 58-7-15 (was, limited to those comprised in subdivisions (1) through (16) and (19) through (22) of GS 58-7-15).