31A-37-601 - Incorporation of a captive reinsurance company. - Utah Statutes

31A-37-601. Incorporation of a captive reinsurance company.
(1) A captive reinsurance company shall be incorporated as a stock insurer with itscapital:
(a) divided into shares; and
(b) held by the captive reinsurance company's shareholders.
(2) (a) A captive reinsurance company may not have fewer than three incorporators.
(b) At least two of the incorporators of a captive reinsurance company must be residentsof this state.
(3) (a) Before the articles of incorporation are filed with the Division of Corporations andCommercial Code, the incorporators shall obtain from the commissioner a certificate of findingthat the establishment and maintenance of the proposed corporation promotes the general good ofthis state.
(b) In considering a request for a certificate under Subsection (3)(a), the commissionershall consider:
(i) the character, reputation, financial standing, and purposes of the incorporators;
(ii) the character, reputation, financial responsibility, insurance experience, and businessqualifications of the officers and directors; and
(iii) other factors the commissioner considers advisable.
(4) The capital stock of a captive reinsurance company must be issued at par value orgreater.
(5) At least one of the members of the board of directors of a captive reinsurancecompany incorporated in this state must be a resident of this state.

Enacted by Chapter 312, 2004 General Session