31A-15-205 - Guaranty associations. - Utah Statutes

31A-15-205. Guaranty associations.
(1) A risk retention group may not be required to join or contribute financially to theInsurance Guaranty Fund created under Title 31A, Chapter 28, Part 2, Property and CasualtyGuaranty Association, nor may any risk retention group, or its insureds or claimants against itsinsureds, receive any benefit from any such fund for claims arising under the insurance policiesissued by the risk retention group.
(2) When a purchasing group obtains insurance covering its members' risks from aninsurer not authorized in this state or from a risk retention group, the risks, wherever resident orlocated, may not be covered by any insurance guaranty fund or similar mechanism in this state.
(3) When a purchasing group obtains insurance covering its members' risks from anauthorized insurer, only risks resident or located in this state shall be covered by the UtahProperty and Casualty Insurance Guaranty Association created under Title 31A, Chapter 28,Guaranty Associations.

Enacted by Chapter 258, 1992 General Session