31A-37-403. Participants in sponsored captive insurance companies.
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/ut/title-31a/chapter-37/31a-37-403A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/7/2025
31A-37-403. Participants in sponsored captive insurance companies.
(1)Any of the following may be a participant in a sponsored captive insurance company holding a certificate of authority under this chapter:
(a)an association;
(b)a corporation that is for profit or nonprofit;
(c)a limited liability company;
(d)a partnership;
(e)a trust; or
(f)any other business entity.
(2)A sponsor may be a participant in a sponsored captive insurance company.
(3)A participant need not be:
(a)a shareholder of the sponsored captive insurance company; or
(b)an affiliate of the sponsored captive insurance company.
Amended by Chapter 175 , 2025 General Session