Utah § 31A-37-502 Examination.

Utah Statutes

§ 31A-37-502 — Examination.

Utah § 31A-37-502

Title 31AInsurance Code

Ch. 31A-37Captive Insurance Companies Act

Part 31A-37-5Department Enforcement

This text of Utah § 31A-37-502 (Examination.) 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-37-502 (2026).

Text

(1)(1)(a) As provided in this section, the commissioner, or a person appointed by the commissioner, may examine each captive insurance company at least once every five years, or more frequently if the commissioner determines a more frequent examination is prudent.

(1)(b) The five-year period described in Subsection (1)(a) shall be determined on the basis of five full annual accounting periods of operation.

(1)(c) The examination is to be made as of:

(1)(c)(i) December 31 of the full five-year period; or

(1)(c)(ii) the last day of the month of an annual accounting period authorized for a captive insurance company under this section.

(2)During an examination under this section the commissioner, or a person appointed by the commissioner, shall thoroughly inspect and examine the affairs of t

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(1) (1)(a) As provided in this section, the commissioner, or a person appointed by the commissioner, may examine each captive insurance company at least once every five years, or more frequently if the commissioner determines a more frequent examination is prudent.
(1)(b) The five-year period described in Subsection (1)(a) shall be determined on the basis of five full annual accounting periods of operation.
(1)(c) The examination is to be made as of:
(1)(c)(i) December 31 of the full five-year period; or
(1)(c)(ii) the last day of the month of an annual accounting period authorized for a captive insurance company under this section.
(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 all or any combination of the following:
(2)(a) the financial condition of the captive insurance company;
(2)(b) the ability of the captive insurance company to fulfill the insurance policy obligations of the captive insurance company; and
(2)(c) whether the captive insurance company has complied with this chapter.
(3) 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.