31A-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
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Last revised: Thursday, May 28, 2009