Section R590-238-17 - Application(1) An application to form a company shall be submitted to the commissioner on the Application to Form a Captive Insurance Company Form.(2) A complete application including forms, attachments, exhibits, and all other papers and supporting documents shall be filed electronically with the commissioner through the department's website, https://insurance.utah.gov/captive.(3)(a) The application shall be signed in the manner prescribed on the application form.(b) If the signature of any person is affixed pursuant to a power of attorney or other similar authority, a copy of the power of attorney or other authority shall also be filed with the application.(4)(a) A company shall include with its application a feasibility study of the company's business plan.(b) The department may test the feasibility of the study by examining the company's corporate records, including: (ii) the bylaws and minute books;(iii) verification of capital and surplus;(iv) verification of principal place of business;(v) determination of assets and liabilities; and(vi) other factors the commissioner considers necessary.Utah Admin. Code R590-238-17
Amended by Utah State Bulletin Number 2015-20, effective 9/25/2015Adopted by Utah State Bulletin Number 2024-01, effective 12/22/2023Amended by Utah State Bulletin Number 2024-18, effective 9/10/2024