31A-37-501 - Reports to commissioner.
31A-37-501. Reports to commissioner.
(1) A captive insurance company is not required to make a report except those providedin this chapter.
(2) (a) Before March 1 of each year, a captive insurance company shall submit to thecommissioner a report of the financial condition of the captive insurance company, verified byoath of two of the executive officers of the captive insurance company.
(b) Except as provided in Sections 31A-37-204 and 31A-37-205, a captive insurancecompany shall report:
(i) using generally accepted accounting principles, except to the extent that thecommissioner requires, approves, or accepts the use of a statutory accounting principle;
(ii) using a useful or necessary modification or adaptation to an accounting principle thatis required, approved, or accepted by the commissioner for the type of insurance and kind ofinsurer to be reported upon; and
(iii) supplemental or additional information required by the commissioner.
(c) Except as otherwise provided:
(i) an association captive insurance company and an industrial insured group shall filethe report required by Section 31A-4-113; and
(ii) an industrial insured group shall comply with Section 31A-4-113.5.
(3) (a) A pure captive insurance company may make written application to file therequired report on a fiscal year end that is consistent with the fiscal year of the parent company ofthe pure captive insurance company.
(b) If the commissioner grants an alternative reporting date for a pure captive insurancecompany requested under Subsection (3)(a), the annual report is due 60 days after the fiscal yearend.
(4) (a) Sixty days after the fiscal year end, a branch captive insurance company shall filewith the commissioner a copy of all reports and statements required to be filed under the laws ofthe jurisdiction in which the alien captive insurance company is formed, verified by oath by twoof the alien captive insurance company's executive officers.
(b) If the commissioner is satisfied that the annual report filed by the alien captiveinsurance company in the jurisdiction in which the alien captive insurance company is formedprovides adequate information concerning the financial condition of the alien captive insurancecompany, the commissioner may waive the requirement for completion of the annual statementrequired for a captive insurance company under this section with respect to business written inthe alien jurisdiction.
(c) A waiver by the commissioner under Subsection (4)(b):
(i) shall be in writing; and
(ii) is subject to public inspection.
Amended by Chapter 302, 2008 General Session