31A-37-106. Authority to make rules -- Authority to issue orders.
(1) In accordance with, the commissioner may adopt rules to: Title 63G, Chapter 3, Utah Administrative Rulemaking Act determine circumstances under which a branch captive insurance company is not required to be a pure captive insurance company; require a statement, document, or information that a captive insurance company shall provide to the commissioner to obtain a certificate of authority; determine a factor a captive insurance company shall provide evidence of under Subsection; 31A-37-201(4)(b) prescribe one or more capital requirements for a captive insurance company in addition to those required under Sectionbased on the type, volume, and nature of insurance business transacted by the captive insurance company; 31A-37-204 waive or modify a requirement for public notice and hearing for the following by a captive insurance company: merger; consolidation; conversion; mutualization; redomestication; or acquisition; approve the use of one or more reliable methods of valuation and rating for: an association captive insurance company; a sponsored captive insurance company; or an industrial insured group; prohibit or limit an investment that threatens the solvency or liquidity of: a pure captive insurance company; or an industrial insured captive insurance company; determine the financial reports a sponsored captive insurance company shall annually file with the commissioner; prescribe the required forms and reports under Section; 31A-37-501 establish one or more standards to ensure that: one of the following is able to exercise control of the risk management function of a controlled unaffiliated business to be insured by a pure captive insurance company: a parent; or an affiliated company of a parent; or one of the following is able to exercise control of the risk management function of a controlled unaffiliated business to be insured by an industrial insured captive insurance company: an industrial insured; or an affiliated company of the industrial insured; and establish requirements for obtaining, maintaining, and renewing a certificate of dormancy.
(2) Notwithstanding Subsection, until the commissioner adopts the rules authorized under Subsection, the commissioner may by temporary order grant authority to insure risks to: (1)(j) (1)(j) a pure captive insurance company; or an industrial insured captive insurance company.
(3) The commissioner may issue prohibitory, mandatory, and other orders relating to a captive insurance company as necessary to enable the commissioner to secure compliance with this chapter.