§ 31A-37-305. Contributions to guaranty or insolvency fund prohibited.

Latest version.

(1)

A captive insurance company, including a captive insurance company organized as a reciprocal insurer under this chapter, may not join or contribute financially to any of the following in this state:

(a)

a plan;

(b)

a pool;

(c)	an association;

(d)	a guaranty fund; or

(e)	an insolvency fund.

(2)

A captive insurance company, the insured of a captive insurance company, the parent of a captive insurance company, an affiliate of a captive insurance company, a member organization of an association captive insurance company, or in the case of a captive insurance company organized as a reciprocal insurer, a subscriber of the captive insurance company, may not receive a benefit from:

(a)

a plan;

(b)

a pool;

(c)	an association;

(d)	a guaranty fund for claims arising out of the operations of the captive insurance company; or

(e)	an insolvency fund for claims arising out of the operations of the captive insurance company.

Enacted by Chapter 251, 2003 General Session

                    
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