Title 33

(1) A captive insurance company must be formed or organized as a business entity as provided in this chapter. (2) An association captive insurance company or an industrial insured captive insurance company may be: (a) incorporated as a stock insurer with its capital divided into …

(1) A captive insurance company may not pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the commissioner. (2) Approval of an ongoing plan for the payment of dividends or other distributions must be conditioned upon re…

(1) A captive insurance company is not required to make an annual report except as provided in this section. (2) (a) Except as provided in subsection (2)(b), on or before April 1 of each year, each captive insurance company shall submit to the commissioner a report of its financi…

(1) (a) Except for captive risk retention groups as provided in subsection (1)(b), the commissioner or some competent person appointed by the commissioner may examine the affairs, transactions, accounts, records, and assets of each captive insurance company as often as the commis…

(1) The certificate of authority of a captive insurance company doing insurance business in this state may be suspended by the commissioner for any of the following reasons: (a) insolvency or impairment of capital or surplus; (b) failure to meet and maintain the requirements of 3…

(1) A captive insurance company may provide excess workers' compensation insurance to its parent and affiliated companies, unless the laws of the state having jurisdiction over the transaction prohibit providing the insurance. (2) A captive insurance company may reinsure workers'…

(1) A merger between captive stock insurers must meet the requirements of 33-3-217 and 33-28-105, except that the commissioner may provide notice to the public of the proposed merger prior to approval or disapproval of the merger in place of holding a hearing, at the commissioner…

(1) There is an account in the state special revenue fund called the captive insurance regulatory and supervision account, which may be referred to as the captive account. (2) The purpose of the captive account is to provide the financial means for the commissioner to administer …

(1) (a) Each captive insurance company shall pay to the commissioner, on or before March 1 of each year, a tax on the direct premiums collected or contracted for on policies or contracts of insurance written by the captive insurance company during the year ending December 31, aft…

(1) (a) An industrial insured captive insurance company, an association captive insurance company, and a captive risk retention group shall comply with the investment requirements contained in Title 33, chapter 12, and the rules promulgated in accordance with these provisions. (b…

(1) Subject to the prior approval of the commissioner, a captive insurance company may provide reinsurance on risks ceded by any other insurer. (2) (a) Any captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers complying with the …

A captive insurance company is not required to join a rating organization.

A captive insurance company may not join or contribute financially to any plan, pool, association, or guaranty or insolvency fund in this state, and a captive insurance company, its insureds, its parent, any affiliated company, or any member of an association may not receive any …

The commissioner may adopt rules necessary to implement the provisions of this chapter. The rules may include but are not limited to rules relating to forms, payment of fees, authorization, capital and surplus, formation of companies, reports, examinations, investigations, redome…

(1) The following apply to captive insurance companies: (a) the definitions of commissioner and department provided in 33-1-202, property insurance provided in 33-1-210, casualty insurance provided in 33-1-206, life insurance provided in 33-1-208, health insurance coverage and gr…

(1) One or more sponsors may form a protected cell captive insurance company. (2) A protected cell captive insurance company formed or authorized under the provisions of this chapter is subject to the following: (a) (i) A protected cell captive insurance company may establish one…

A sponsor of a protected cell captive insurance company must be an insurer authorized under the laws of any state, a reinsurer authorized under the laws of any state, a captive insurance company formed or authorized under this chapter, an insurance producer licensed under chapter…

If delinquency proceedings have been taken against a protected cell captive insurance company: (1) the assets of a protected cell may not be used to pay any expenses other than those attributable to the protected cell; and (2) the capital and surplus of the protected cell captive…

(1) An individual or business entity may be a participant in a protected cell captive insurance company. (2) A sponsor may be a participant in a protected cell captive insurance company. (3) A participant is not required to be a shareholder of a protected cell captive insurance c…

The assets of two or more protected cells may be combined for the purposes of investment by a protected cell captive insurance company, and the combination of the protected cells may not be construed as defeating the segregation of the assets for accounting or other purposes.

(1) As used in this section, unless the context requires otherwise, "dormant captive insurance company" means a captive insurance company, other than a captive risk retention group, that has: (a) ceased transacting the business of insurance, including the issuance of insurance po…