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Utah Code Title 31A. Insurance Code § 31A-37-502. Examination

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

(1)(a) As provided in this section, the commissioner, or a person appointed by the commissioner, may examine each captive insurance company at least once every five years, or more frequently if the commissioner determines a more frequent examination is prudent.

(b) The five-year period described in Subsection (1)(a) shall be determined on the basis of five full annual accounting periods of operation.

(c) The examination is to be made as of:

(i) December 31 of the full five-year period; or

(ii) the last day of the month of an annual accounting period authorized for a captive insurance company under this section.

(2) During an examination under this section the commissioner, or a person appointed by the commissioner, shall thoroughly inspect and examine the affairs of the captive insurance company to ascertain all or any combination of the following:

(a) the financial condition of the captive insurance company;

(b) the ability of the captive insurance company to fulfill the insurance policy obligations of the captive insurance company; and

(c) whether the captive insurance company has complied with this chapter.

(3) A captive insurance company that is inspected and examined under this section shall pay, as provided in Subsection 31A-37-201(6)(b), the expenses and charges of an inspection and examination.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-37-502. Examination - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-37-502/

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