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Utah Code Title 31A. Insurance Code § 31A-37a-204. Prior approval of a change in plan of operation and other transactions

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

(1) A special purpose financial captive insurance company may not change its plan of operation without the prior approval of the commissioner.

(2)(a) Subject to Subsection (2)(b), a special purpose financial captive insurance company may not engage in a transaction or series of transactions without the prior approval of the commissioner if the transaction or series of transactions:

(i) is undertaken to dissolve the special purpose financial captive insurance company; or

(ii) results in the termination of all or a part of a special purpose financial captive insurance company's business.

(b) A special purpose financial captive insurance company is not required to obtain the prior approval of the commissioner for a transaction or series of transactions described in Subsection (2)(a)(ii) if:

(i) the transaction or series of transactions is done in accordance with a document or agreement described in the special purpose financial captive insurance company's plan of operation; and

(ii) the special purpose financial captive insurance company notifies the commissioner prior to the transaction or series of transactions.

(3) A special purpose financial captive insurance company shall notify the commissioner before a change in the legal ownership of a security issued by the special purpose financial captive insurance company.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-37a-204. Prior approval of a change in plan of operation and other transactions - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-37a-204/

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