31A-37-104 - Applicability of reorganization, receivership, and injunction authority.
31A-37-104. Applicability of reorganization, receivership, and injunctionauthority.
(1) Except as provided in Chapter 37a, Special Purpose Financial Captive InsuranceCompany Act, and Subsection (2), Chapter 27a, Insurer Receivership Act, applies to a captiveinsurance company formed or holding a certificate of authority under this chapter.
(2) In the case of a sponsored captive insurance company:
(a) the assets of a protected cell may not be used to pay an expense or claim other thanone attributable to the protected cell; and
(b) the capital and surplus of the sponsored captive insurance company:
(i) shall at all times be available to pay:
(A) an expense of the sponsored captive insurance company; or
(B) a claim against the sponsored captive insurance company; and
(ii) may not be used to pay an expense or claim attributable to a protected cell.
Amended by Chapter 302, 2008 General Session