R590-238-17. Application

(1) An application to form a company shall be submitted to the commissioner on the Application to Form a Captive Insurance Company Form. (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)(a) The application shall be signed in the manner prescribed on the application form. (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)(a) A company shall include with its application a feasibility study of the company's business plan. (b) The department may test the feasibility of the study by examining the company's corporate records, including: (i) the charter; (ii) the bylaws and minute books; (iii) verification of capital and surplus; (iv) verification of principal place of business; (v) determination of assets and liabilities; and (vi) other factors the commissioner considers necessary.