Utah Admin. Code R590-238-17 - Application

(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.

Notes

Utah Admin. Code R590-238-17

Amended by Utah State Bulletin Number 2015-20, effective 9/25/2015 Adopted by Utah State Bulletin Number 2024-01, effective 12/22/2023 Amended by Utah State Bulletin Number 2024-18, effective 9/10/2024