1. (1) An application to form a company shall be submitted to the commissioner on the Application to Form a Captive Insurance Company Form.
2. (2) A complete application including forms, attachments, exhibits, and all other papers and supporting documents shall be filed electronically with the commissioner through the department's website, https://insurance.utah.gov/captive.

3. (3)(a) The application shall be signed in the manner prescribed on the application form.

   1. (b) If the signature of any person is affixed pursuant to a power of attorney or other similar authority, a copy of the power of attorney or other authority shall also be filed with the application.

4. (4)(a) A company shall include with its application a feasibility study of the company's business plan.

   1. (b) The department may test the feasibility of the study by examining the company's corporate records, including:

      1. (i) the charter;
      2. (ii) the bylaws and minute books;
      3. (iii) verification of capital and surplus;
      4. (iv) verification of principal place of business;
      5. (v) determination of assets and liabilities; and
      6. (vi) other factors the commissioner considers necessary.

KEY: captive insurance

Date of Last Change: February 9, 2026

Notice of Continuation: May 2, 2022

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-37-106