Utah Admin. Code 590-238-4

Current through Bulletin 2024-24, December 15, 2024

Section R590-238-4 - Annual Reporting Requirements

(1) A company shall file an annual report of its financial condition with the commissioner as required by Section 31A-37-501.

(2) The report required in Subsection (1) shall be:

(a) verified by oath of at least two individuals who are executive officers of the company and by the captive manager or a appointed representative;

(b) prepared using GAAP; and

(c) filed electronically using the department's website, https://insurance.utah.gov/captive.

(3)

(a) A company, except for a company under Subsection (3)(b), shall use the Captive Insurance Company Annual Statement Form.

(b) A risk retention group and a special purpose financial captive shall use the NAIC's Annual and Quarterly Statements.

(4) An annual report shall include a Statement of Actuarial Opinion setting forth the qualified actuary's opinion relating to loss and loss adjustment expense reserves.

Utah Admin. Code R590-238-4

Amended by Utah State Bulletin Number 2015-20, effective 9/25/2015

Amended by Utah State Bulletin Number 2019-14, effective 6/21/2019

Adopted by Utah State Bulletin Number 2024-01, effective 12/22/2023

Amended by Utah State Bulletin Number 2024-18, effective 9/10/2024