Utah Admin. Code R590-238-3 - Definitions
Terms used in this rule are defined in Sections 31A-1-301, 31A-37-102, and 31A-37a-102. Additional terms are defined as follows:
(1) "AICPA" means
the American Institute of Certified Public Accountants.
(2) "Captive insurance manager" means a
person who:
(a) is on the Utah Approved
Captive Management Firms list, available on the department's website,
https://insurance.utah.gov/captive;
(b) pursuant to a written contract with a
company, provides and coordinates services including:
(i) accounting;
(ii) statutory filings;
(iii) signed annual statements; and
(iv) coordination of related services;
and
(c) acts as an
intermediary that facilitates and assists the company in meeting its statutory
requirements under Title 31A, Insurance Code.
(3) "Company" means:
(a) a captive insurance company as defined in
Section 31A-1-301; and
(b) a special purpose financial captive
insurance company as defined in Section
31A-37a-102.
(4) "GAAP" means generally accepted
accounting procedures.
(5) "Work
papers" or "working papers" include schedules, analyses, reconciliations,
abstracts, memoranda, narratives, flow charts, copies of company records, or
other documents prepared or obtained by the accountant and the accountant's
employees in the conduct of their audit of the company.
Notes
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