2006 Utah 31A-37-504 — Business written by a captive insurance company -- Examinations -- Application of code provisions.

     31A-37-504.   Business written by a captive insurance company -- Examinations -- Application of code provisions.
     (1) This section applies to all business written by a captive insurance company.
     (2) Notwithstanding this section, the examination for a branch captive insurance company shall be of branch business and branch operations only, if the branch captive insurance company:
     (a) provides annually to the commissioner a certificate of compliance, or an equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurance company is formed; and
     (b) demonstrates to the commissioner's satisfaction that the branch captive insurance company is operating in sound financial condition in accordance with all applicable laws and regulations of the jurisdiction in which the branch captive insurance company is formed.
     (3) As a condition of obtaining a certificate of authority, an alien captive insurance company shall grant authority to the commissioner to examine the affairs of the alien captive insurance company in the jurisdiction in which the alien captive insurance company is formed.
     (4) To the extent that the provisions of Chapters 2, 4, 5, 14, 16, 17, 18, 19a, and 27 do not contradict this section, these chapters apply to captive insurance companies that have received a certificate of authority under this chapter.

Amended by Chapter 312, 2004 General Session

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