LegalFix
Sign In

Section 403 - Participants in sponsored captive insurance companies.

UT Code § 31A-37-403 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

(1) Any of the following may be a participant in a sponsored captive insurance company holding a certificate of authority under this chapter: (a) an association; (b) a corporation that is for profit or nonprofit; (c) a limited liability company; (d) a partnership; (e) a trust; or (f) any other business entity.

(a) an association;

(b) a corporation that is for profit or nonprofit;

(c) a limited liability company;

(d) a partnership;

(e) a trust; or

(f) any other business entity.

(2) A sponsor may be a participant in a sponsored captive insurance company.

(3) A participant need not be: (a) a shareholder of the sponsored captive insurance company; or (b) an affiliate of the sponsored captive insurance company.

(a) a shareholder of the sponsored captive insurance company; or

(b) an affiliate of the sponsored captive insurance company.

(4) A participant shall insure only the participant's own risks through a sponsored captive insurance company unless otherwise approved by the commissioner.

Previous Section
Section 402 - Sponsored captive insurance companies -- Certificate of authority mandatory.
Next Section
Section 404 - Discounting of loss and loss adjustment expense reserves.