reglab/housing_qa huggingface dataset:
UT Code § 31A-37-502 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37 - Captive Insurance Companies Act|Part 5 - Department Enforcement|Section 502 - Examination.

 Effective 5/14/2019  31A-37-502. Examination.    (1)   (a) As provided in this section, the commissioner, or a person appointed by the commissioner, shall examine each captive insurance company in each five-year period.     (b) The five-year period described in Subsection (1)(a) shall be determined on the basis of five full annual accounting periods of operation.     (c) The examination is to be made as of:   (i) December 31 of the full five-year period; or     (ii) the last day of the month of an annual accounting period authorized for a captive insurance company under this section.       (d) In addition to an examination required under this Subsection (1), the commissioner, or a person appointed by the commissioner may examine a captive insurance company whenever the commissioner determines it to be prudent.       (2) During an examination under this section the commissioner, or a person appointed by the commissioner, shall thoroughly inspect and examine the affairs of the captive insurance company to ascertain:   (a) the financial condition of the captive insurance company;     (b) the ability of the captive insurance company to fulfill the obligations of the captive insurance company; and     (c) whether the captive insurance company has complied with this chapter.       (3) The commissioner may accept a comprehensive annual independent audit in lieu of an examination:   (a) of a scope satisfactory to the commissioner; and     (b) performed by an independent auditor approved by the commissioner.       (4) A captive insurance company that is inspected and examined under this section shall pay, as provided in Subsection 31A-37-201(6)(b), the expenses and charges of an inspection and examination.    Amended by Chapter 193, 2019 General Session
UT Code § 31A-37-503 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37 - Captive Insurance Companies Act|Part 5 - Department Enforcement|Section 503 - Classification and use of records.

 Effective 5/14/2019  31A-37-503. Classification and use of records.    (1) The following shall be classified as a protected record under Title 63G, Chapter 2, Government Records Access and Management Act:   (a) examination, analysis, and licensing application reports under this chapter;     (b) preliminary examination, analysis, and licensing application reports or results under this chapter;     (c) working papers for an examination, analysis, or licensing application review conducted under this chapter;     (d) recorded information for an examination, analysis, or licensing application review conducted under this chapter; and     (e) documents and copies of documents produced by, obtained by, or disclosed to the commissioner or any other person in the course of an examination, analysis, or licensing application review conducted under this chapter.       (2) This section does not prevent the commissioner from using the information provided under this section in furtherance of the commissioner's regulatory authority under this title.     (3) Notwithstanding other provisions of this section, the commissioner may grant access to the information provided under this section to:   (a) public officers having jurisdiction over the regulation of insurance in any other state or country; or     (b) law enforcement officers of this state or any other state or agency of the federal government, if the officers receiving the information agree in writing to hold the information in a manner consistent with this section.      Amended by Chapter 193, 2019 General Session
UT Code § 31A-37-504 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37 - Captive Insurance Companies Act|Part 5 - Department Enforcement|Section 504 - Examinations for branch and alien captive insurance companies.

31A-37-504. Examinations for branch and alien captive insurance companies.    (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
UT Code § 31A-37-505 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37 - Captive Insurance Companies Act|Part 5 - Department Enforcement|Section 505 - Suspension or revocation -- Grounds.

 Effective 5/12/2015  31A-37-505. Suspension or revocation -- Grounds.    (1) The commissioner may suspend or revoke the certificate of authority of a captive insurance company to conduct an insurance business in this state for:   (a) insolvency or impairment of capital or surplus;     (b) failure to meet the requirements of Section 31A-37-204;     (c) refusal or failure to submit:   (i) an annual report required by Section 31A-37-501; or     (ii) any other report or statement required by law or by lawful order of the commissioner;       (d) failure to comply with the charter, bylaws, or other organizational document of the captive insurance company;     (e) failure to submit to:   (i) an examination under Section 31A-37-502; or     (ii) any legal obligation relative to an examination under Section 31A-37-502;       (f) refusal or failure to pay the cost of examination under Section 31A-37-502;     (g) use of methods that, although not otherwise specifically prohibited by law, render:   (i) the operation of the captive insurance company detrimental to the public or the policyholders of the captive insurance company; or     (ii) the condition of the captive insurance company unsound with respect to the public or to the policyholders of the captive insurance company; or       (h) failure otherwise to comply with laws of this state.       (2) Notwithstanding any other provision of this title, if the commissioner finds, upon examination, hearing, or other evidence, that a captive insurance company has committed any of the acts specified in Subsection (1), the commissioner may suspend or revoke the certificate of authority of the captive insurance company if the commissioner considers it in the best interest of the public and the policyholders of the captive insurance company to revoke the certificate of authority.    Amended by Chapter 244, 2015 General Session
UT Code § 31A-37-701 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37 - Captive Insurance Companies Act|Part 7 - Dormancy|Section 701 - Certificate of dormancy.

 Effective 5/5/2021  31A-37-701. Certificate of dormancy.    (1) In accordance with the provisions of this section, a captive insurance company, other than a risk retention group, may apply, without fee, to the commissioner for a certificate of dormancy.     (2)   (a) A captive insurance company, other than a risk retention group, is eligible for a certificate of dormancy if the captive insurance company:   (i) has ceased transacting the business of insurance, including the issuance of insurance policies; and     (ii) has no remaining insurance liabilities or obligations associated with insurance business transactions or insurance policies.       (b) For purposes of Subsection (2)(a)(ii), the commissioner may disregard liabilities or obligations for which the captive insurance company has withheld sufficient funds or that are otherwise sufficiently secured.       (3) Except as provided in Subsection (4), a captive insurance company that holds a certificate of dormancy is subject to all requirements of this chapter.     (4) A captive insurance company that holds a certificate of dormancy:   (a) shall possess and maintain unimpaired paid-in capital and unimpaired paid-in surplus of:   (i) in the case of a pure captive insurance company or a special purpose captive insurance company, not less than $25,000;     (ii) in the case of an association captive insurance company, not less than $75,000; or     (iii) in the case of a sponsored captive insurance company, not less than $50,000, of which the sponsor provides at least $20,000; and       (b) is not required to:   (i) subject to Subsection (5), submit an annual audit or statement of actuarial opinion;     (ii) maintain an active agreement with an independent auditor or actuary; or     (iii) hold an annual meeting of the captive insurance company in the state.         (5) The commissioner may require a captive insurance company that holds a certificate of dormancy to submit an annual audit if the commissioner determines that there are concerns regarding the captive insurance company's solvency or liquidity.     (6) To maintain a certificate of dormancy and in lieu of a certificate of authority renewal fee, no later than July 1 of each year, a captive insurance company shall pay an annual dormancy renewal fee that is equal to 50% of the captive insurance's company's certificate of authority renewal fee.     (7) A captive insurance company may consecutively renew a certificate of dormancy no more than five times.    Amended by Chapter 252, 2021 General Session
UT Code § 31A-37-702 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37 - Captive Insurance Companies Act|Part 7 - Dormancy|Section 702 - Cancelling a certificate of dormancy.

 Effective 5/14/2019  31A-37-702. Cancelling a certificate of dormancy.  A captive insurance company may apply to cancel its certificate of dormancy by complying with the procedures established in rule made by the commissioner in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. Enacted by Chapter 193, 2019 General Session
UT Code § 31A-37a-101 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 1 - General Provisions|Section 101 - Title.

31A-37a-101. Title.  This chapter is known as the "Special Purpose Financial Captive Insurance Company Act."  Enacted by Chapter 302, 2008 General Session
UT Code § 31A-37a-103 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 1 - General Provisions|Section 103 - Applicable law.

31A-37a-103. Applicable law.    (1)   (a) A special purpose financial captive insurance company is subject to:   (i) this chapter; and     (ii)Chapter 37, Captive Insurance Companies Act.       (b) If there is a conflict between this chapter and Chapter 37, Captive Insurance Companies Act, this chapter controls.       (2) A special purpose financial captive insurance company is subject to a rule made under Section 31A-37-106 that is in effect on or after May 5, 2008.     (3) The commissioner may, by order, exempt a special purpose financial captive insurance company from a provision of Chapter 37, Captive Insurance Companies Act, or a rule made under Section 31A-37-106 if the commissioner determines that the application of the provision or rule is inappropriate on the basis of the special purpose financial captive insurance company's plan of operation.    Enacted by Chapter 302, 2008 General Session
UT Code § 31A-37a-105 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 1 - General Provisions|Section 105 - Transition.

31A-37a-105. Transition.    (1)   (a) Except as otherwise determined by the commissioner, a captive insurance company that on May 5, 2008 has a certificate of authority from the commissioner pursuant to Chapter 37, Captive Insurance Companies Act, and engages in insurance securitization:   (i) is subject to this chapter as a special purpose financial captive insurance company; and     (ii) is considered to have a certificate of authority issued under this chapter.       (b) The commissioner may require a captive insurance company described in Subsection (1)(a) to take an action that the commissioner determines is reasonably necessary to bring the captive insurance company into compliance with this chapter.       (2) The commissioner may issue an order described in Section 31A-37a-201 with respect to a captive insurance company described in Subsection (1)(a) if the captive insurance company is not in compliance with this chapter.    Enacted by Chapter 302, 2008 General Session
UT Code § 31A-37a-202 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 2 - Certificate of Authority and Operations|Section 202 - Revocation, suspension, amendment, or modification of a certificate of authority.

31A-37a-202. Revocation, suspension, amendment, or modification of a certificate of authority.  Except as provided in Sections 31A-37a-501 and 31A-37a-502, the commissioner may not revoke, suspend, amend, or modify a certificate of authority issued to a special purpose financial captive insurance company under this chapter or an order issued under Subsection 31A-37a-201(4) unless:  (1) the special purpose financial captive insurance company consents to the revocation, suspension, amendment, or modification; or     (2) the commissioner shows by clear and convincing evidence that the revocation, suspension, amendment, or modification is necessary to avoid irreparable harm to:   (a) a special purpose financial captive insurance company; or     (b) a ceding insurer.      Enacted by Chapter 302, 2008 General Session
UT Code § 31A-37a-203 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 2 - Certificate of Authority and Operations|Section 203 - Reporting related to transactions.

31A-37a-203. Reporting related to transactions.    (1) A special purpose financial captive insurance company shall provide the commissioner with a copy of a complete set of executed documentation of an insurance securitization no later than 30 days after the day on which the insurance securitization transaction closes.     (2) Section 31A-37-503 applies to:   (a) information submitted pursuant to Subsection (1);     (b) information submitted pursuant to Subsection 31A-37a-201(2); or     (c) an order issued to a special purpose financial captive insurance company pursuant to Subsection 31A-37a-201(4).      Enacted by Chapter 302, 2008 General Session
UT Code § 31A-37a-204 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 2 - Certificate of Authority and Operations|Section 204 - Prior approval of a change in plan of operation and other transactions.

31A-37a-204. Prior approval of a change in plan of operation and other transactions.    (1) A special purpose financial captive insurance company may not change its plan of operation without the prior approval of the commissioner.     (2)   (a) Subject to Subsection (2)(b), a special purpose financial captive insurance company may not engage in a transaction or series of transactions without the prior approval of the commissioner if the transaction or series of transactions:   (i) is undertaken to dissolve the special purpose financial captive insurance company; or     (ii) results in the termination of all or a part of a special purpose financial captive insurance company's business.       (b) A special purpose financial captive insurance company is not required to obtain the prior approval of the commissioner for a transaction or series of transactions described in Subsection (2)(a)(ii) if:   (i) the transaction or series of transactions is done in accordance with a document or agreement described in the special purpose financial captive insurance company's plan of operation; and     (ii) the special purpose financial captive insurance company notifies the commissioner prior to the transaction or series of transactions.         (3) A special purpose financial captive insurance company shall notify the commissioner before a change in the legal ownership of a security issued by the special purpose financial captive insurance company.    Enacted by Chapter 302, 2008 General Session
UT Code § 31A-37a-301 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 3 - Formation and Assets|Section 301 - Formation.

31A-37a-301. Formation.    (1) A special purpose financial captive insurance company may be:   (a) incorporated as a stock insurer with its capital divided into shares and held by its stockholders; or     (b) organized as a manager-managed limited liability company.       (2) A special purpose financial captive insurance company's organizational documents shall limit the special purpose financial captive insurance company's authority to transact the business of insurance or reinsurance to those activities that the special purpose financial captive insurance company conducts to accomplish its purposes as expressed in this chapter.    Enacted by Chapter 302, 2008 General Session
UT Code § 31A-37a-302 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 3 - Formation and Assets|Section 302 - Minimum capital and surplus.

31A-37a-302. Minimum capital and surplus.    (1) The commissioner may not issue a special purpose financial captive insurance company a certificate of authority under this chapter unless it possesses unimpaired paid-in capital and surplus of not less than $250,000 on the day on which the certificate of authority is issued.     (2) A special purpose financial captive insurance company shall maintain unimpaired paid-in capital and surplus of not less than $250,000 at all times when having a certificate of authority under this chapter.    Enacted by Chapter 302, 2008 General Session
UT Code § 31A-37a-303 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 3 - Formation and Assets|Section 303 - Disposition of assets -- Investments.

31A-37a-303. Disposition of assets -- Investments.    (1) A special purpose financial captive insurance company or a person on its behalf shall preserve and administer an asset of the special purpose financial captive insurance company to satisfy the liabilities and obligations of the special purpose financial captive insurance company incident to:   (a) the reinsurance contract;     (b) an insurance securitization; and     (c) an agreement related to Subsection (1)(a) or (b).       (2) In a special purpose financial captive insurance company insurance securitization, a security offering memorandum or other document issued to a prospective investor regarding the offer and sale of a surplus note or other security shall include a disclosure that all or part of the proceeds of the insurance securitization will be used to fund the special purpose financial captive insurance company's obligations to the ceding insurer.     (3) A special purpose financial captive insurance company is not subject to a restriction on investments other than the following:   (a) A special purpose financial captive insurance company may not make a loan to a person other than:   (i) as permitted under its plan of operation; or     (ii) as otherwise approved in advance of the loan by the commissioner.       (b) The commissioner may prohibit or limit an investment that threatens the solvency or liquidity of a special purpose financial captive insurance company unless the investment is otherwise approved in:   (i) the special purpose financial captive insurance company's plan of operation; or     (ii) an order issued to the special purpose financial captive insurance company pursuant to Section 31A-37a-201.        Enacted by Chapter 302, 2008 General Session
UT Code § 31A-37a-401 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 4 - Reinsurance|Section 401 - Purchase of reinsurance.

31A-37a-401. Purchase of reinsurance.  Subject to the prior approval of the commissioner, a special purpose financial captive insurance company may purchase reinsurance to cede the risks assumed under a reinsurance contract.  Enacted by Chapter 302, 2008 General Session
UT Code § 31A-37a-501 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 37a - Special Purpose Financial Captive Insurance Company Act|Part 5 - Enforcement and Delinquency|Section 501 - Suspension and revocation.

31A-37a-501. Suspension and revocation.    (1)   (a) The commissioner shall notify a special purpose financial captive insurance company not less than 30 days before suspending or revoking the special purpose financial captive insurance company's certificate of authority pursuant to Section 31A-37-505.     (b) In the notice required by Subsection (1)(a) the commissioner shall state the basis for the suspension or revocation.     (c) The commissioner shall give a special purpose financial captive insurance company described in this Subsection (1) an opportunity for a hearing pursuant to Title 63G, Chapter 4, Administrative Procedures Act.       (2) Notwithstanding Subsection (1) and Title 63G, Chapter 4, Administrative Procedures Act, the commissioner is not required to provide prior notice or a hearing if the grounds for suspension or revocation of a special purpose financial captive insurance company's certificate of authority pursuant to Section 31A-37-505 relate primarily to:   (a) the financial condition or soundness of the special purpose financial captive insurance company; or     (b) a deficiency in the assets of the special purpose financial captive insurance company.      Enacted by Chapter 302, 2008 General Session
UT Code § 31A-40-101 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 40 - Professional Employer Organization Licensing Act|Part 1 - General Provisions|Section 101 - Title.

31A-40-101. Title.  This chapter is known as the "Professional Employer Organization Licensing Act."  Enacted by Chapter 318, 2008 General Session
UT Code § 31A-40-103 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 40 - Professional Employer Organization Licensing Act|Part 1 - General Provisions|Section 103 - Duties of the commissioner.

31A-40-103. Duties of the commissioner.    (1)   (a) The commissioner shall maintain a list of professional employer organizations that are licensed under this chapter.     (b) The commissioner shall make the list required by this Subsection (1) available to the public by electronic or other means.       (2) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner:   (a) shall make rules to prescribe the requirements for forms required under this chapter;      (b) may make rules to prescribe the requirements and process for correcting under Section 31A-40-205:   (i) a deficiency in working capital; or     (ii) negative working capital;       (c) may make rules to prescribe the requirements for the review and submission of a financial statement under Section 31A-40-305:   (i) that are consistent with generally accepted accounting principles; and     (ii) including the timeliness of a financial statement; and       (d) may make rules to prescribe the requirements and process for when a professional employer organization license is terminated by:   (i) voluntary surrender of the professional organization license; or     (ii) involuntary surrender of the professional organization license.         (3) A rule in effect on May 5, 2008 under the repealed Title 58, Chapter 59, Professional Employer Organization Registration Act, remains in effect until such time as the commissioner modifies or repeals the rule.    Amended by Chapter 10, 2010 General Session