{"data":{"id":"us-ut/utah-code-31a-37-106","jurisdiction":"us-ut","citation":"Utah Code § 31A-37-106","heading":"Authority to make rules -- Authority to issue orders.","body":"(1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may adopt rules to:\n(a) determine circumstances under which a branch captive insurance company is not required to be a pure captive insurance company;\n(b) require a statement, document, or information that a captive insurance company shall provide to the commissioner to obtain a certificate of authority;\n(c) determine a factor a captive insurance company shall provide evidence of under Subsection 31A-37-201(4)(b);\n(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;\n(e) waive or modify a requirement for public notice and hearing for the following by a captive insurance company:\n(i) merger;\n(ii) consolidation;\n(iii) conversion;\n(iv) mutualization;\n(v) redomestication; or\n(vi) acquisition;\n(f) approve the use of one or more reliable methods of valuation and rating for:\n(i) an association captive insurance company;\n(ii) a sponsored captive insurance company; or\n(iii) an industrial insured group;\n(g) prohibit or limit an investment that threatens the solvency or liquidity of:\n(i) a pure captive insurance company; or\n(ii) an industrial insured captive insurance company;\n(h) determine the financial reports a sponsored captive insurance company shall annually file with the commissioner;\n(i) prescribe the required forms and reports under Section 31A-37-501;\n(j) establish one or more standards to ensure that:\n(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:\n(A) a parent; or\n(B) an affiliated company of a parent; or\n(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:\n(A) an industrial insured; or\n(B) an affiliated company of the industrial insured; and\n(k) establish requirements for obtaining, maintaining, and renewing a certificate of dormancy.\n(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:\n(a) a pure captive insurance company; or\n(b) an industrial insured captive insurance company.\n(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.","path":["Title 31A Insurance Code","Chapter 31A-37 Captive Insurance Companies Act","Part 31A-37-1 General Provisions"],"source_url":"https://le.utah.gov/xcode/Title31A/Chapter37/31A-37-S106.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"35d8716678b2b178b9f82fff67963f38f861cfd0577cec23b7addbf8d607af3c","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-31a-37-105","next":"us-ut/utah-code-31a-37-201"},"notice":"GroundRules: Original legal text. Not legal advice."}