2006 Utah Code - 31A-37-305 — Contributions to guaranty or insolvency fund prohibited.

     31A-37-305.   Contributions to guaranty or insolvency fund prohibited.
     (1) A captive insurance company, including a captive insurance company organized as a reciprocal insurer under this chapter, may not join or contribute financially to any of the following in this state:
     (a) a plan;
     (b) a pool;
     (c) an association;
     (d) a guaranty fund; or
     (e) an insolvency fund.
     (2) A captive insurance company, the insured of a captive insurance company, the parent of a captive insurance company, an affiliate of a captive insurance company, a member organization of an association captive insurance company, or in the case of a captive insurance company organized as a reciprocal insurer, a subscriber of the captive insurance company, may not receive a benefit from:
     (a) a plan;
     (b) a pool;
     (c) an association;
     (d) a guaranty fund for claims arising out of the operations of the captive insurance company; or
     (e) an insolvency fund for claims arising out of the operations of the captive insurance company.

Enacted by Chapter 251, 2003 General Session

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