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Insurance Code | |
Captive Insurance Companies Act | |
Section 305 | Contributions to guaranty or insolvency fund prohibited. |
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31A-37-305. Contributions to guaranty or insolvency fund prohibited. (1) A captive insurance company, including a captive insurance company organized as a reciprocal insurer under this chapter, may not join or contribute financially to any of the following in this state: (a) a plan; (b) a pool; (c) an association; (d) a guaranty fund; or (e) an insolvency fund. (2) A captive insurance company, the insured of a captive insurance company, the parent of a captive insurance company, an affiliate of a captive insurance company, a member organization of an association captive insurance company, or in the case of a captive insurance company organized as a reciprocal insurer, a subscriber of the captive insurance company, may not receive a benefit from: (a) a plan; (b) a pool; (c) an association; (d) a guaranty fund for claims arising out of the operations of the captive insurance company; or (e) an insolvency fund for claims arising out of the operations of the captive insurance company.
Enacted by Chapter 251, 2003 General Session |
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