Utah Code Ann. § 31A-37-303 – Reinsurance.

(1) A captive insurance company may provide reinsurance, as authorized in this title, on risks ceded for the benefit of a parent, affiliate, or controlled unaffiliated business.
(2)
1. (a) A captive insurance company may take credit for reserves on risks or portions of risks ceded to reinsurers if the captive insurance company complies with Section 31A-17-404.
2. (b) Unless the reinsurer is in compliance with Section 31A-17-404, a captive insurance company may not take credit for:
  1. (i) reserves on risks ceded to a reinsurer; or
  2. (ii) portions of risks ceded to a reinsurer.