31A-37-305 - Contributions to guaranty or insolvency fund prohibited. - Utah Statutes

31A-37-305. Contributions to guaranty or insolvency fund prohibited.
(1) A captive insurance company, including a captive insurance company organized as areciprocal insurer under this chapter, may not join or contribute financially to any of thefollowing in this state:
(a) a plan;
(b) a pool;
(c) an association;
(d) a guaranty fund; or
(e) an insolvency fund.
(2) A captive insurance company, the insured of a captive insurance company, the parentof a captive insurance company, an affiliate of a captive insurance company, a memberorganization of an association captive insurance company, or in the case of a captive insurancecompany organized as a reciprocal insurer, a subscriber of the captive insurance company, maynot receive a benefit from:
(a) a plan;
(b) a pool;
(c) an association;
(d) a guaranty fund for claims arising out of the operations of the captive insurancecompany; or
(e) an insolvency fund for claims arising out of the operations of the captive insurancecompany.

Enacted by Chapter 251, 2003 General Session