1. (1) "AICPA" means the American Institute of Certified Public Accountants.

2. (2) "Captive insurance manager" means a person who:

   1. (a) is on the Utah Approved Captive Management Firms list, available on the department's website, https://insurance.utah.gov/captive;

   2. (b) pursuant to a written contract with a company, provides and coordinates services including:

      1. (i) accounting;
      2. (ii) statutory filings;
      3. (iii) signed annual statements; and
      4. (iv) coordination of related services; and
   3. (c) acts as an intermediary that facilitates and assists the company in meeting its statutory requirements under Title 31A, Insurance Code.

3. (3) "Company" means:

   1. (a) a captive insurance company as defined in Section 31A-1-301; and
   2. (b) a special purpose financial captive insurance company as defined in Section 31A-37a-102.
4. (4) "GAAP" means generally accepted accounting procedures.
5. (5) "Work papers" or "working papers" include schedules, analyses, reconciliations, abstracts, memoranda, narratives, flow charts, copies of company records, or other documents prepared or obtained by the accountant and the accountant's employees in the conduct of their audit of the company.

Terms used in this rule are defined in Sections 31A-1-301, 31A-37-102, and 31A-37a-102. Additional terms are defined as follows:

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