2006 Utah Code - 31A-37-501 — Reports to commissioner.

     31A-37-501.   Reports to commissioner.
     (1) A captive insurance company is not required to make any report except those provided in this chapter.
     (2) (a) Before March 1 of each year, a captive insurance company shall submit to the commissioner a report of the financial condition of the captive insurance company, verified by oath of two of the executive officers of the captive insurance company.
     (b) Except as provided in Sections 31A-37-204 and 31A-37-205, a captive insurance company shall report:
     (i) unless the commissioner approves the use of statutory accounting principles, using generally accepted accounting principles;
     (ii) using any useful or necessary modifications or adaptations to accounting principles required, approved, or accepted by the commissioner for the type of insurance and kinds of insurers to be reported upon; and
     (iii) any supplemental or additional information required by the commissioner.
     (c) Except as otherwise provided:
     (i) an association captive insurance company and an industrial insured group shall file the report required by Section 31A-4-113; and
     (ii) each industrial insured group shall comply with Section 31A-4-113.5.
     (3) (a) A pure captive insurance company may make written application to file the required report on a fiscal year end that is consistent with the fiscal year of the parent company of the pure captive insurance company.
     (b) If the commissioner grants an alternative reporting date for a pure captive insurance company requested under Subsection (3)(a), the annual report is due 60 days after the fiscal year end.
     (4) (a) Sixty days after the fiscal year end, a branch captive insurance company shall file with the commissioner a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company is formed, verified by oath by two of its executive officers.
     (b) If the commissioner is satisfied that the annual report filed by the alien captive insurance company in the jurisdiction in which the alien captive insurance company is formed provides adequate information concerning the financial condition of the alien captive insurance company, the commissioner may waive the requirement for completion of the annual statement required for a captive insurance company under this section with respect to business written in the alien jurisdiction.
     (c) A waiver by the commissioner under Subsection (4)(b) shall be:
     (i) in writing; and
     (ii) subject to public inspection.

Amended by Chapter 177, 2006 General Session

Disclaimer: These codes may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.