2006 Utah Code - 31A-37-403 — Participants in sponsored captive insurance companies.

     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:
     (a) an association;
     (b) a corporation;
     (c) a limited liability company;
     (d) a partnership;
     (e) a trust; or
     (f) any other business entity.
     (2) A sponsor may be a participant in a sponsored captive insurance company.
     (3) A participant need not be:
     (a) a shareholder of the sponsored captive insurance company; or
     (b) an affiliate of the sponsored captive insurance company.
     (4) A participant shall insure only the participant's own risks through a sponsored captive insurance company unless otherwise approved by the commissioner.

Amended by Chapter 312, 2004 General Session