Utah Code Title 31A. Insurance Code § 31A-37-402. Sponsored captive insurance companies--Certificate of authority mandatory

(i) controls an insurer licensed pursuant to the laws of a state;  and

(ii) is subject to registration pursuant to the holding company system of laws of the state of domicile of the insurer described in Subsection (1)(d)(i);

(i) authorized or approved:

(ii) reinsured by a reinsurer authorized or approved by this state;  or

(iii) subject to Subsection (2)(b), secured by a trust fund:

(b)(i) The amount of security provided by the trust fund described in Subsection (2)(a)(iii) may not be less than the reserves associated with the liabilities of the trust fund, including:

(ii) The commissioner may require the sponsored captive insurance company to increase the funding of a trust established pursuant to this Subsection (2).

(iii) If the form of security in the trust described in Subsection (2)(a)(iii) is a letter of credit, the letter of credit shall be established, issued, or confirmed by a bank that is:

(iv) A trust and trust instrument maintained pursuant to this Subsection (2) shall be in a form and upon terms approved by the commissioner.