31A-37-104. Applicability of reorganization, receivership, and injunction authority.
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Effective 5/7/2025
31A-37-104. Applicability of reorganization, receivership, and injunction authority.
(1)Except as provided in Chapter 37a, Special Purpose Financial Captive Insurance Company Act , and Subsection
(2), Chapter 27a, Insurer Receivership Act , applies to a captive insurance company formed or holding a certificate of authority under this chapter.
(2)In the case of a sponsored captive insurance company:
(a)the assets of a cell may not be used to pay an expense or claim other than one attributable to the cell; and
(b)the capital and surplus of the sponsored captive insurance company:
(i)shall at all times be available to pay:
(A)an expense of the sponsored captive insurance company; or
(B)a claim against the sponsored captive insurance company; and
(ii)may not be used to pay an expense or claim attributable to a cell.
Amended by Chapter 175 , 2025 General Session