(a) The affairs of every captive insurance company shall be managed by not less than three directors.

(b) At least one-third of the directors of every captive insurance company must be a resident of this state, except that no more than three directors shall be required to be residents of this state. A majority of the directors must be citizens of the United States.

(c) Every captive insurance company must report to the Commissioner within 30 days after any change in its directors including in its report a statement of the business and professional background and affiliations of any new director.