Utah Code Title 31A. Insurance Code § 31A-37-104. Applicability of reorganization, receivership, and injunction authority

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Except as provided in Chapter 37a, Special Purpose Financial Captive Insurance Company Act, and Subsection (2), Chapter 27a, Insurer Receivership Act, applies to a captive insurance company formed or holding a certificate of authority under this chapter.

(2) In the case of a sponsored captive insurance company:

(a) the assets of a protected cell may not be used to pay an expense or claim other than one attributable to the protected cell; and

(b) the capital and surplus of the sponsored captive insurance company:

(i) shall at all times be available to pay:

(A) an expense of the sponsored captive insurance company; or

(B) a claim against the sponsored captive insurance company; and

(ii) may not be used to pay an expense or claim attributable to a protected cell.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-37-104. Applicability of reorganization, receivership, and injunction authority - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-37-104/

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