Notification of certain changes in operations or organizational structure.

If any material change occurs in the operations of a captive insurer or in the organizational structure within the captive insurer: 1. The manager, certified public accountant or actuary of the captive insurer shall notify the board of directors of the captive insurer of the material change within 60 days after the material change occurs; and 2. The captive insurer shall file a copy of the notice required by subsection 1 with the Commissioner not later than 60 days after the date such notice is provided to the board of directors.