§ 31A-37-104. Applicability of reorganization, receivership, and injunction authority.

Latest version.

(1)	Except as provided in Chapter 37a, Special Purpose Financial Captive Insurance Company Act, and Subsection (2), Chapter 27a, Insurer Receivership Act, applies to a captive insurance 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 than one 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

                    
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