{"data":{"id":"us-ut/utah-code-31a-37a-204","jurisdiction":"us-ut","citation":"Utah Code § 31A-37a-204","heading":"Prior approval of a change in plan of operation and other transactions.","body":"(1) A special purpose financial captive insurance company may not change its plan of operation without the prior approval of the commissioner.\n(2)\n(a) Subject to Subsection (2)(b), a special purpose financial captive insurance company may not engage in a transaction or series of transactions without the prior approval of the commissioner if the transaction or series of transactions:\n(i) is undertaken to dissolve the special purpose financial captive insurance company; or\n(ii) results in the termination of all or a part of a special purpose financial captive insurance company's business.\n(b) A special purpose financial captive insurance company is not required to obtain the prior approval of the commissioner for a transaction or series of transactions described in Subsection (2)(a)(ii) if:\n(i) the transaction or series of transactions is done in accordance with a document or agreement described in the special purpose financial captive insurance company's plan of operation; and\n(ii) the special purpose financial captive insurance company notifies the commissioner prior to the transaction or series of transactions.\n(3) A special purpose financial captive insurance company shall notify the commissioner before a change in the legal ownership of a security issued by the special purpose financial captive insurance company.","path":["Title 31A Insurance Code","Chapter 31A-37a Special Purpose Financial Captive Insurance Company Act","Part 31A-37a-2 Certificate of Authority and Operations"],"source_url":"https://le.utah.gov/xcode/Title31A/Chapter37a/31A-37a-S204.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"f9fcfa005a9315572a7e1324a9e34e957af842d06586feaf6600691f4d401774","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-31a-37a-203","next":"us-ut/utah-code-31a-37a-205"},"notice":"GroundRules: Original legal text. Not legal advice."}