Utah Admin. Code R590-238-8 - Additional Capital Requirement
(1) If the
commissioner determines that the financial condition of a company warrants
additional capital, the commissioner may require the company to deposit, in
trust for the company:
(a) cash;
(b) a security approved by the commissioner;
or
(c) an irrevocable letter of
credit issued by a bank, as defined in Section
7-1-103.
(2) The commissioner shall return the deposit
or letter of credit if the company ceases to do business, but only after being
satisfied that the company has discharged all of its obligations.
(3) A company may receive interest or
dividends from the deposit or exchange of the deposits for another deposit of
equal value, upon approval of the commissioner.
Notes
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