31A-37-504. Examinations for branch and alien captive insurance companies.

156 words·~1 min read·/ut/title-31a/chapter-37/31a-37-504

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The examination for a branch captive insurance company shall be of branch business and branch operations only, if the branch captive insurance company:

(a)provides annually to the commissioner a certificate of compliance, or an equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurance company is formed; and

(b)demonstrates to the commissioner's satisfaction that the branch captive insurance company is operating in sound financial condition in accordance with the applicable laws and regulations of the jurisdiction in which the branch captive insurance company is formed.

(2)As a condition of obtaining a certificate of authority, an alien captive insurance company shall grant authority to the commissioner to examine the affairs of the alien captive insurance company in the jurisdiction in which the alien captive insurance company is formed.

Amended by Chapter 284 , 2011 General Session