Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-238 - Captive Insurance Companies
Section R590-238-13 - Directors and Managers
Current through Bulletin 2024-06, March 15, 2024
(1) A company shall report any change in any executive officer, director, or manager to the commissioner within 30 days and shall include in its report a biographical affidavit of any new executive officer, director, or manager.
(2) An officer, director, manager, or employee of a company may not, except on behalf of the company, accept or be the beneficiary of any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, payment, or exchange made by or for the company.
(3) An officer, director, manager, or employee may receive reasonable compensation for necessary services provided to the company in their usual private, professional, or business capacity.
(4) Any profit or gain received by or on behalf of a person in violation of Subsection (2) shall inure to the company.