31A-4-105.5 - Deposit required from foreign insurers. - Utah Statutes

31A-4-105.5. Deposit required from foreign insurers.
(1) (a) Foreign insurers operating under Chapter 14 shall maintain a deposit in the amountof the insurer's minimum required capital for stock insurers, or minimum required permanentsurplus for mutual insurers.
(b) The deposit shall be held for the benefit of all policyholders and may be maintainedwith an official of some other state designated by law to accept the deposit.
(2) The commissioner may not issue or renew a certificate of authority to an insurer untilthe insurer complies with this section.

Enacted by Chapter 316, 1994 General Session