§ 31A-37-103 — Chapter exclusivity.

(1) Except as provided in Subsections (2) and (3) or otherwise provided in this chapter, a provision of this title other than this chapter does not apply to a captive insurance company.
(2) To the extent that a provision of the following does not contradict this chapter, the provision applies to a captive insurance company that receives a certificate of authority under this chapter:

(2)(a) Chapter 1, General Provisions;
(2)(b) Chapter 2, Administration of the Insurance Laws;
(2)(c) Chapter 4, Insurers in General;
(2)(d) Chapter 5, Domestic Stock and Mutual Insurance Corporations;
(2)(e) Chapter 14, Foreign Insurers;
(2)(f) Chapter 16, Insurance Holding Companies;
(2)(g) Chapter 17, Determination of Financial Condition;
(2)(h) Chapter 18, Investments;
(2)(i) Chapter 19a, Utah Rate Regulation Act;
(2)(j) Chapter 27, Delinquency Administrative Action Provisions; and
(2)(k) Chapter 27a, Insurer Receivership Act.
(3) In addition to this chapter, and subject to Section 31A-37a-103:

(3)(a) Chapter 37a, Special Purpose Financial Captive Insurance Company Act, applies to a special purpose financial captive insurance company; and
(3)(b) for purposes of a special purpose financial captive insurance company, a reference in this chapter to "this chapter" includes a reference to Chapter 37a, Special Purpose Financial Captive Insurance Company Act.
(4) In addition to this chapter, an industrial group captive insurance company formed as a risk retention group captive is subject to Chapter 15, Part 2, Risk Retention Groups Act, to the extent that this chapter is silent regarding regulation of risk retention groups conducting business in the state.

Legislative History

Amended by Chapter 193, 2019 General Session