31A-37-601. Incorporation of a captive reinsurance company.
(1) A captive reinsurance company shall be incorporated as a stock insurer with its
capital:
(a) divided into shares; and
(b) held by the captive reinsurance company's shareholders.
(2) (a) A captive reinsurance company may not have fewer than three incorporators.
(b) At least two of the incorporators of a captive reinsurance company must be residents
of this state.
(3) (a) Before the articles of incorporation are filed with the Division of Corporations and
Commercial Code, the incorporators shall obtain from the commissioner a certificate of finding
that the establishment and maintenance of the proposed corporation promotes the general good of
this state.
(b) In considering a request for a certificate under Subsection (3)(a), the commissioner
shall consider:
(i) the character, reputation, financial standing, and purposes of the incorporators;
(ii) the character, reputation, financial responsibility, insurance experience, and business
qualifications of the officers and directors; and
(iii) other factors the commissioner considers advisable.
(4) The capital stock of a captive reinsurance company must be issued at par value or
greater.
(5) At least one of the members of the board of directors of a captive reinsurance
company incorporated in this state must be a resident of this state.
Enacted by Chapter 312, 2004 General Session
Download Code Section Zipped WordPerfect 31A37_060100.ZIP 2,275 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Thursday, May 28, 2009