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2006 Utah Code - 31A-37-502 — Tri-annual visit.
31A-37-502. Tri-annual visit.
(1) At least once in three years, and whenever the commissioner determines it to be prudent, the department, or a person appointed by the commissioner, shall visit each captive insurance company and thoroughly inspect and examine the affairs of the captive insurance company to ascertain:
(a) the financial condition of the captive insurance company;
(b) the ability of the captive insurance company to fulfill the obligations of the captive insurance company; and
(c) whether the captive insurance company has complied with this chapter.
(2) The commissioner upon application may enlarge the three-year period to five years, if a captive insurance company is subject to a comprehensive annual audit during that period:
(a) of a scope satisfactory to the commissioner; and
(b) performed by independent auditors approved by the commissioner.
(3) A captive insurance company that is inspected and examined under this section shall pay, as provided in Subsection 31A-37-202(5)(b), the expenses and charges of an inspection and examination.
(1) At least once in three years, and whenever the commissioner determines it to be prudent, the department, or a person appointed by the commissioner, shall visit each captive insurance company and thoroughly inspect and examine the affairs of the captive insurance company to ascertain:
(a) the financial condition of the captive insurance company;
(b) the ability of the captive insurance company to fulfill the obligations of the captive insurance company; and
(c) whether the captive insurance company has complied with this chapter.
(2) The commissioner upon application may enlarge the three-year period to five years, if a captive insurance company is subject to a comprehensive annual audit during that period:
(a) of a scope satisfactory to the commissioner; and
(b) performed by independent auditors approved by the commissioner.
(3) A captive insurance company that is inspected and examined under this section shall pay, as provided in Subsection 31A-37-202(5)(b), the expenses and charges of an inspection and examination.
Enacted by Chapter 251, 2003 General Session
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