{"data":{"id":"us-ut/utah-code-31a-37-303","jurisdiction":"us-ut","citation":"Utah Code § 31A-37-303","heading":"Reinsurance.","body":"(1)\n(a) A captive insurance company may cede risks to any insurance company approved by the commissioner.\n(b) Except as provided in Subsection (1)(c), a captive insurance company may provide reinsurance on risks ceded by any other insurer with prior approval of the commissioner.\n(c) A captive insurance company may not provide reinsurance on a punitive damages risk ceded by an insurer, unless the punitive damages risk is the risk of the captive insurance company's:\n(i) parent;\n(ii) affiliated company; or\n(iii) controlled unaffiliated business.\n(2) To facilitate the risk distribution of captive insurance companies participating in a pooling arrangement, a captive insurance company licensed to operate as a pooling captive insurance company may directly insure a risk that any pooling participant's captive insurance company could otherwise directly insure in accordance with Section 31A-37-202.\n(3)\n(a) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers if the captive insurance company complies with:\n(i) Section 31A-17-404, 31A-17-404.1, 31A-17-404.3, or 31A-17-404.4; or\n(ii) other requirements as the commissioner may establish by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.\n(b) Unless the reinsurer is in compliance with Section 31A-17-404, 31A-17-404.1, 31A-17-404.3, or 31A-17-404.4 or a rule adopted under Subsection (3)(a)(ii), a captive insurance company may not take credit for:\n(i) reserves on risks ceded to a reinsurer; or\n(ii) portions of risks ceded to a reinsurer.","path":["Title 31A Insurance Code","Chapter 31A-37 Captive Insurance Companies Act","Part 31A-37-3 Requirements"],"source_url":"https://le.utah.gov/xcode/Title31A/Chapter37/31A-37-S303.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"7841b5f82652cb7bdaf14a7e45bfccb46c18d28504b40c7e338c84bae859f87c","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-31a-37-302","next":"us-ut/utah-code-31a-37-304"},"notice":"GroundRules: Original legal text. Not legal advice."}