Prior approval of a change in plan of operation and other transactions.
Utah Code § 31A-37a-204
in effect31A-37a-204. Prior approval of a change in plan of operation and other transactions.
(1) A special purpose financial captive insurance company may not change its plan of operation without the prior approval of the commissioner.
(2)
(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:
(i) is undertaken to dissolve the special purpose financial captive insurance company; or
(ii) results in the termination of all or a part of a special purpose financial captive insurance company's business.
(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:
(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
(ii) the special purpose financial captive insurance company notifies the commissioner prior to the transaction or series of transactions.
(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.
Enacted by Chapter 302, 2008 General Session
Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title31A/Chapter37A/31A-37a-S204.html?v=C31A-37a-S204_1800010118000101Fetched: 10/26/2026