Title 31A, Title 31A: Insurance Code

31A-37a-105. Transition. (1) Except as otherwise determined by the commissioner, a captive insurance company that on May 5, 2008 has a certificate of authority from the commissioner pursuant to, and engages in insurance securitization: Chapter 37, Captive Insurance Companies Act …

31A-37a-201. Certificate of authority requirements. (1) A person may not reinsure the risks of a ceding insurer unless the person has a certificate of authority under this chapter as a special purpose financial captive insurance company. (2) To apply for a certificate of authorit…

31A-37a-202. Revocation, suspension, amendment, or modification of a certificate of authority. Except as provided in Sectionsand, the commissioner may not revoke, suspend, amend, or modify a certificate of authority issued to a special purpose financial captive insurance company …

31A-37a-203. Reporting related to transactions. (1) A special purpose financial captive insurance company shall provide the commissioner with a copy of a complete set of executed documentation of an insurance securitization no later than 30 days after the day on which the insuran…

31A-37a-204. Prior approval of a change in plan of operation and other transactions. (1) A special purpose financial captive insurance company may not change its plan of operation without the prior approval of the commissioner. (2) Subject to Subsection, a special purpose financi…

31A-37a-205. Sponsored captives. (1) In addition to the other provisions of this chapter, this section applies to a sponsored captive insurance company under, that has a certificate of authority as a special purpose financial captive insurance company in accordance with this chap…

31A-37a-301. Formation. (1) A special purpose financial captive insurance company may be: incorporated as a stock insurer with its capital divided into shares and held by its stockholders; or organized as a manager-managed limited liability company. (2) A special purpose financia…

31A-37a-302. Minimum capital and surplus. (1) The commissioner may not issue a special purpose financial captive insurance company a certificate of authority under this chapter unless it possesses unimpaired paid-in capital and surplus of not less than $250,000 on the day on whic…

31A-37a-303. Disposition of assets -- Investments. (1) A special purpose financial captive insurance company or a person on its behalf shall preserve and administer an asset of the special purpose financial captive insurance company to satisfy the liabilities and obligations of t…

31A-37a-304. Securities. (1) A special purpose financial captive insurance company may: subject to the prior approval of the commissioner, account for the proceeds of a surplus note issued by the special purpose financial captive insurance company as surplus; and except as provid…

31A-37a-401. Purchase of reinsurance. Subject to the prior approval of the commissioner, a special purpose financial captive insurance company may purchase reinsurance to cede the risks assumed under a reinsurance contract.

31A-37a-402. Permitted reinsurance. (1) A special purpose financial captive insurance company may reinsure only the risks of a ceding insurer, pursuant to a reinsurance contract. A special purpose financial captive insurance company may not issue a contract of insurance or a cont…

31A-37a-501. Suspension and revocation. (1) The commissioner shall notify a special purpose financial captive insurance company not less than 30 days before suspending or revoking the special purpose financial captive insurance company's certificate of authority pursuant to Secti…

31A-37a-502. Delinquency. (1) Except as otherwise provided in this section,, applies to a special purpose financial captive insurance company. Chapter 27a, Insurer Receivership Act (2) Upon an order of supervision, rehabilitation, or liquidation of a special purpose financial cap…