Utah Code 31A-37-502. Examination
Current as of: 2024 | Check for updates
|
Other versions
(1)
Terms Used In Utah Code 31A-37-502
- Captive insurance company: includes any of the following formed or holding a certificate of authority under this chapter:(9)(b)(i) a branch captive insurance company;(9)(b)(ii) a pure captive insurance company;(9)(b)(iii) an association captive insurance company;(9)(b)(iv) a sponsored captive insurance company;(9)(b)(v) an industrial insured captive insurance company, including an industrial insured captive insurance company formed as a risk retention group captive in this state pursuant to the provisions of the Federal Liability Risk Retention Act of 1986;(9)(b)(vi) a special purpose captive insurance company; or(9)(b)(vii) a special purpose financial captive insurance company. See Utah Code 31A-37-102
- Commissioner: means Utah's Insurance Commissioner or the commissioner's designee. See Utah Code 31A-37-102
- Insurance: includes :
(96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;(96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and(96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301- insurance company: means a person doing an insurance business as a principal including:
(104)(a)(i) a fraternal benefit society;(104)(a)(ii) an issuer of a gift annuity other than an annuity specified in Subsections31A-22-1305 (2) and (3);(104)(a)(iii) a motor club;(104)(a)(iv) an employee welfare plan;(104)(a)(v) a person purporting or intending to do an insurance business as a principal on that person's own account; and(104)(a)(vi) a health maintenance organization. See Utah Code 31A-1-301- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- Person: includes :
(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301- Policy: includes a service contract issued by:
(150)(b)(i) a motor club under Chapter 11, Motor Clubs;(150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and(150)(b)(iii) a corporation licensed under:(150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or(150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301(1)(a) As provided in this section, the commissioner, or a person appointed by the commissioner, may examine each captive insurance company at least once every five years, or more frequently if the commissioner determines a more frequent examination is prudent.(1)(b) The five-year period described in Subsection (1)(a) shall be determined on the basis of five full annual accounting periods of operation.(1)(c) The examination is to be made as of:(1)(c)(i) December 31 of the full five-year period; or(1)(c)(ii) the last day of the month of an annual accounting period authorized for a captive insurance company under this section.(2) During an examination under this section the commissioner, or a person appointed by the commissioner, shall thoroughly inspect and examine the affairs of the captive insurance company to ascertain all or any combination of the following:(2)(a) the financial condition of the captive insurance company;(2)(b) the ability of the captive insurance company to fulfill the insurance policy obligations of the captive insurance company; and(2)(c) whether the captive insurance company has complied with this chapter.(3) A captive insurance company that is inspected and examined under this section shall pay, as provided in Subsection31A-37-201 (6)(b), the expenses and charges of an inspection and examination.