Utah § 31A-37-404 Sponsored captive insurance companies -- Reserves opinion and discounting.

Utah Statutes

§ 31A-37-404 — Sponsored captive insurance companies -- Reserves opinion and discounting.

Utah § 31A-37-404

Title 31AInsurance Code

Ch. 31A-37Captive Insurance Companies Act

Part 31A-37-4Sponsored Captive Insurance Companies

This text of Utah § 31A-37-404 (Sponsored captive insurance companies -- Reserves opinion and discounting.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 31A-37-404 (2026).

Text

(1)A sponsored captive insurance company may discount the sponsored captive insurance company's loss and loss adjustment expense reserves at treasury rates applied to the applicable payments projected through the use of the expected payment pattern associated with the reserves.

(2)(2)(a) A sponsored captive insurance company shall annually file with the department an actuarial opinion provided by an independent actuary on loss and loss adjustment expense reserves.

(2)(b) The independent actuary described in Subsection (2)(a) may not be an employee of:

(2)(b)(i) the company filing the actuarial opinion; or

(2)(b)(ii) an affiliate of the company filing the actuarial opinion.

(3)The commissioner may disallow the discounting of reserves by a sponsored captive insurance company if the sponso

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(1) A sponsored captive insurance company may discount the sponsored captive insurance company's loss and loss adjustment expense reserves at treasury rates applied to the applicable payments projected through the use of the expected payment pattern associated with the reserves.
(2) (2)(a) A sponsored captive insurance company shall annually file with the department an actuarial opinion provided by an independent actuary on loss and loss adjustment expense reserves.
(2)(b) The independent actuary described in Subsection (2)(a) may not be an employee of:
(2)(b)(i) the company filing the actuarial opinion; or
(2)(b)(ii) an affiliate of the company filing the actuarial opinion.
(3) The commissioner may disallow the discounting of reserves by a sponsored captive insurance company if the sponsored captive insurance company violates this title.