Section 31A-37-106 - Authority to make rules - Authority to issue orders(1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may adopt rules to: (a) determine circumstances under which a branch captive insurance company is not required to be a pure captive insurance company;(b) require a statement, document, or information that a captive insurance company shall provide to the commissioner to obtain a certificate of authority;(c) determine a factor a captive insurance company shall provide evidence of under Subsection 31A-37-201(4)(b);(d) prescribe one or more capital requirements for a captive insurance company in addition to those required under Section 31A-37-204 based on the type, volume, and nature of insurance business transacted by the captive insurance company;(e) waive or modify a requirement for public notice and hearing for the following by a captive insurance company: (f) approve the use of one or more reliable methods of valuation and rating for: (i) an association captive insurance company;(ii) a sponsored captive insurance company; or(iii) an industrial insured group;(g) prohibit or limit an investment that threatens the solvency or liquidity of: (i) a pure captive insurance company; or(ii) an industrial insured captive insurance company;(h) determine the financial reports a sponsored captive insurance company shall annually file with the commissioner;(i) prescribe the required forms and reports under Section 31A-37-501;(j) establish one or more standards to ensure that:(i) one of the following is able to exercise control of the risk management function of a controlled unaffiliated business to be insured by a pure captive insurance company: (B) an affiliated company of a parent; or(ii) one of the following is able to exercise control of the risk management function of a controlled unaffiliated business to be insured by an industrial insured captive insurance company:(A) an industrial insured; or(B) an affiliated company of the industrial insured; and(k) establish requirements for obtaining, maintaining, and renewing a certificate of dormancy.(2) Notwithstanding Subsection (1)(j), until the commissioner adopts the rules authorized under Subsection (1)(j), the commissioner may by temporary order grant authority to insure risks to: (a) a pure captive insurance company; or(b) an industrial insured captive insurance company.(3) The commissioner may issue prohibitory, mandatory, and other orders relating to a captive insurance company as necessary to enable the commissioner to secure compliance with this chapter.Amended by Chapter 193, 2019 General Session ,§ 44, eff. 5/14/2019.Amended by Chapter 168, 2017 General Session ,§ 59, eff. 5/9/2017.Amended by Chapter 244, 2015 General Session ,§ 39, eff. 5/12/2015.Amended by Chapter 297, 2011 , 2011 General Session