31A-37-303. Reinsurance.
(1) A captive insurance company may cede risks to any insurance company approved by the commissioner. Except as provided in Subsection, a captive insurance company may provide reinsurance on risks ceded by any other insurer with prior approval of the commissioner. (1)(c) A captive insurance company may not provide reinsurance on a punitive damages risk ceded by an insurer, unless the punitive damages risk is the risk of the captive insurance company's: parent; affiliated company; or controlled unaffiliated business.
(2) To facilitate the risk distribution of captive insurance companies participating in a pooling arrangement, a captive insurance company licensed to operate as a pooling captive insurance company may directly insure a risk that any pooling participant's captive insurance company could otherwise directly insure in accordance with Section. 31A-37-202
(3) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers if the captive insurance company complies with: Section,,, or; or 31A-17-404 31A-17-404.1 31A-17-404.3 31A-17-404.4 other requirements as the commissioner may establish by rule made in accordance with. Title 63G, Chapter 3, Utah Administrative Rulemaking Act Unless the reinsurer is in compliance with Section,,, oror a rule adopted under Subsection (3)(a)(ii), a captive insurance company may not take credit for: 31A-17-404 31A-17-404.1 31A-17-404.3 31A-17-404.4 reserves on risks ceded to a reinsurer; or portions of risks ceded to a reinsurer.