2006 Utah Code - 31A-37-104 — Applicability of reorganization, receivership, and injunction authority.

     31A-37-104.   Applicability of reorganization, receivership, and injunction authority.
     (1) Except as provided in Subsection (2), the provisions of this title pertaining to insurance reorganizations, receiverships, and injunctions apply to a captive insurance company formed or holding a certificate of authority under this chapter.
     (2) In the case of a sponsored captive insurance company:
     (a) the assets of the protected cell may not be used to pay any expenses or claims other than those attributable to the protected cell;
     (b) the capital and surplus of the sponsored captive insurance company:
     (i) shall at all times be available to pay any:
     (A) expenses of the sponsored captive insurance company; or
     (B) claims against the sponsored captive insurance company; and
     (ii) may not be used to pay expenses or claims attributable to a protected cell.

Amended by Chapter 312, 2004 General Session

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