31A-37-305. Contributions to guaranty or insolvency fund prohibited.
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/ut/title-31a/chapter-37/31a-37-305A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/9/2017
31A-37-305. Contributions to guaranty or insolvency fund prohibited.
(1)A captive insurance company may not join or contribute financially to any of the following in this state:
(a)a plan;
(b)a pool;
(c)an association;
(d)a guaranty fund; or
(e)an insolvency fund.
(2)A captive insurance company, the insured of a captive insurance company, the parent of a captive insurance company, an affiliate of a captive insurance company, or a member organization of an association captive insurance company may not receive a benefit from:
(a)a plan;
(b)a pool;
(c)an association;
(d)a guaranty fund for claims arising out of the operations of the captive insurance company; or
(e)an insolvency fund for claims arising out of the operations of the captive insurance company.
Amended by Chapter 168 , 2017 General Session