Section 735.190 - Incorporation of captive reinsurer(1) A captive reinsurer must be incorporated as a stock insurer with its capital divided into shares and held by the captive reinsurer's shareholders. In incorporating, a captive reinsurer must comply with the requirements of ORS 735.164.(2) The capital stock of a captive reinsurer must be issued at par value or greater.(3) At least one member of the board of directors of a captive reinsurer incorporated in this state must be a resident of this state.