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

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 insurancecompany shall be of branch business and branch operations only, if the branch captive insurancecompany:
(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 captiveinsurance company is formed; and
(b) demonstrates to the commissioner's satisfaction that the branch captive insurancecompany is operating in sound financial condition in accordance with all applicable laws andregulations 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 insurancecompany shall grant authority to the commissioner to examine the affairs of the alien captiveinsurance 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, 27, and 27ado not contradict this section, these chapters apply to captive insurance companies that havereceived a certificate of authority under this chapter.

Amended by Chapter 309, 2007 General Session