Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-238 - Captive Insurance Companies
Section R590-238-17 - Application
Universal Citation: UT Admin Code R 590-238-17
Current through Bulletin 2024-06, March 15, 2024
(1) An application to form a company shall be submitted to the commissioner on the Application to Form a Captive Insurance Company Form.
(2) A complete application including forms, attachments, exhibits, and all other papers and supporting documents shall be filed electronically with the commissioner through the department's website, https://insurance.utah.gov/captive.
(3)
(a) The
application shall be signed in the manner prescribed on the application
form.
(b) If the signature of any
person is affixed pursuant to a power of attorney or other similar authority, a
copy of the power of attorney or other authority shall also be filed with the
application.
(4)
(a) A company shall include with its
application a feasibility study of the company's business plan.
(b) The department may test the feasibility
of the study by examining the company's corporate records, including:
(i) the charter;
(ii) the bylaws and minute books;
(iii) verification of capital and
surplus;
(iv) verification of
principal place of business;
(v)
determination of assets and liabilities; and
(vi) other factors the commissioner considers
necessary.
Disclaimer: These regulations may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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