Title 31A, Title 31A: Insurance Code

31A-37-105. Operation of a branch captive insurance company. Except as otherwise provided in this chapter, a branch captive insurance company shall be a pure captive insurance company with respect to operations in this state, unless otherwise permitted by the commissioner under S…

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 p…

31A-37-201. Certificate of authority. (1) The commissioner may issue a certificate of authority to act as an insurer in this state to a captive insurance company that meets the requirements of this chapter. (2) To conduct insurance business in this state, a captive insurance comp…

31A-37-202. Permissive areas of insurance. (1) Except as provided in Subsections (2) and (3), a captive insurance company may not directly insure a risk other than the risk of the captive insurance company's parent or affiliated company. (2) In addition to the risks described in …

31A-37-203. Deceptive name prohibited. (1) A captive insurance company may not adopt a name that is: the same as any other existing business name registered in this state; deceptively similar to any other existing business name registered in this state; or likely to be: confused …

31A-37-204. Paid-in capital -- Other capital. (1) For purposes of this section, "marketable securities" means: a bond or other evidence of indebtedness of a governmental unit in the United States or Canada or any instrumentality of the United States or Canada; or securities: trad…

31A-37-301. Formation. (1) A captive insurance company, other than a branch captive insurance company, may form as a corporation, a limited liability company, or a not-for-profit organization. (2) The capital of a captive insurance company shall be held by: the interest holders o…

31A-37-301. Formation. (1) A captive insurance company, other than a branch captive insurance company, may form as a corporation, a limited liability company, or a not-for-profit organization. (2) The capital of a captive insurance company shall be held by: the interest holders o…

31A-37-302. Investment requirements. (1) Except as provided in Subsection, a captive insurance company and a risk retention group shall comply with the investment requirements contained in this title. (1)(b) Notwithstanding Subsectionand any other provision of this title, the com…

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 comm…

31A-37-304. Rating organization. A captive insurance company is not required to join a rating organization.

31A-37-305. Contributions to guaranty or insolvency fund prohibited. (1) A captive insurance company may not join or contribute financially to any of the following in this state: a plan; a pool; an association; a guaranty fund; or an insolvency fund. (2) A captive insurance compa…

31A-37-401. Sponsored captive insurance companies -- Formation. (1) One or more sponsors may form a sponsored captive insurance company under this chapter. (2) A sponsored captive insurance company formed under this chapter may establish and maintain, with prior approval of the c…

31A-37-402. Sponsored captive insurance companies -- Certificate of authority mandatory. (1) A sponsor of a sponsored captive insurance company shall be: an insurer authorized or approved under the laws of a state; a reinsurer authorized or approved under the laws of a state; a c…

31A-37-403. Participants in sponsored captive insurance companies. (1) Any of the following may be a participant in a sponsored captive insurance company holding a certificate of authority under this chapter: an association; a corporation that is for profit or nonprofit; a limite…

31A-37-404. Sponsored captive insurance companies -- Reserves opinion and discounting. (1) A sponsored captive insurance company may discount the sponsored captive insurance company's loss and loss adjustment expense reserves at treasury rates applied to the applicable payments p…

31A-37-501. Reports to commissioner. (1) A captive insurance company is not required to make a report except those provided in this chapter. (2) Before March 1 of each year, a captive insurance company shall submit to the commissioner a report of the financial condition of the ca…

31A-37-502. Examination. (1) As provided in this section, the commissioner, or a person appointed by the commissioner, may examine each captive insurance company at least once every five years, or more frequently if the commissioner determines a more frequent examination is prude…

31A-37-503. Classification and use of records. (1) The following shall be classified as a protected record under: Title 63G, Chapter 2, Government Records Access and Management Act examination, analysis, and licensing application reports under this chapter; preliminary examinatio…

31A-37-504. Examinations for branch and alien captive insurance companies. (1) The examination for a branch captive insurance company shall be of branch business and branch operations only, if the branch captive insurance company: provides annually to the commissioner a certifica…

31A-37-505. Suspension or revocation -- Grounds. (1) The commissioner may suspend or revoke the certificate of authority of a captive insurance company to conduct an insurance business in this state for: insolvency or impairment of capital or surplus; failure to meet the requirem…

31A-37-701. Certificate of dormancy. (1) In accordance with the provisions of this section, a captive insurance company, other than a risk retention group, may apply, without fee, to the commissioner for a certificate of dormancy. (2) A captive insurance company, other than a ris…

31A-37-702. Cancelling a certificate of dormancy. A captive insurance company may apply to cancel its certificate of dormancy by complying with the procedures established in rule made by the commissioner in accordance with.