NOTICE OF SUBSTANTIVE CHANGE
TYPE OF FILING: Amendment
1. Agency Information
Insurance, Administration
Taylorsville State Office Building
Salt Lake City, UT 84114-6901
2. Contact Persons
Please address questions regarding information on this notice to the persons listed above.
3. General Information
A. Rule or section catchline:
R590-238-19. Authorized Forms
B. Purpose of the new rule or reason for the change:
This rule is being amended to give applicants for a certificate to conduct captive insurance alternate methods to provide certain information to the Department of Insurance (department).
This is a business-friendly amendment; applicants have historically had difficulty requesting that their banks provide certain banking information on a specific form. This amendment allows the department to accept the information if provided by the bank in a format acceptable to the commissioner.
It also removes a form that is no longer necessary.
C. Summary of the new rule or change:
This amendment creates a provision that allows an applicant to provide to the department certain bank-related information in a format other than the department's preferred forms, if the format is acceptable to the commissioner.
5. Fiscal Information
Provide an estimate and written explanation of the aggregate anticipated cost or savings to:
There is no anticipated cost or savings to the state budget.
There are no changes to the information the department will review, only the format in which it may be provided to the department.
There is no anticipated cost or savings to local governments.
This rule only applies to a person forming a captive insurance company or captive cell.
If such a person is a local government, this rule allows them leeway in providing certain information but does not change the information that must be provided.
C. Small businesses ("small business" means a business employing 1-49 persons):
There is no anticipated cost or savings to small businesses.
This rule only applies to a person forming a captive insurance company or captive cell.
If such a person is a small business, this rule allows them leeway in providing certain information but does not change the information that must be provided.
D. Non-small businesses ("non-small business" means a business employing 50 or more persons):
There is no anticipated cost or savings to non-small businesses.
This rule only applies to a person forming a captive insurance company or captive cell.
If such a person is a non-small business, this rule allows them leeway in providing certain information but does not change the information that must be provided.
E. Persons other than small businesses, non-small businesses, state, or local government entities ("person" means any individual, partnership, corporation, association, governmental entity, or public or private organization of any character other than an agency):
There is no anticipated cost or savings to any other persons.
This rule only applies to a person forming a captive insurance company or captive cell.
This rule allows any such person leeway in providing certain information but does not change the information that must be provided.
F. Compliance costs for affected persons:
There is no compliance cost for any affected persons.
This rule merely allows the department to accept certain information provided by an applicant in a format other than the department's preferred format.
6. Regulatory Impact Summary Table
Enter the cost or savings in the relevant cell. If there is no cost or savings, enter, "$0." If a cost or savings is inestimable, enter, "inestimable."
7. Regulatory Impact Analysis Approval
The Commissioner of the Insurance Department, Jonathan T. Pike, has reviewed and approved this regulatory impact analysis.
8. Family Impact Information
A. The agency has considered this rule's impact on family health, stability, and formation:
9. Citation Information
Provide citations to the statutory authority for the rule. If there is also a federal requirement for the rule, provide a citation to that requirement:
11. Public Notice Information
The public may submit written or oral comments to the agency identified in box 1.
A. Comments will be accepted until:
12. Effective Date Information
This rule change MAY become effective on:
(NOTE: This is the date the agency anticipates making the filing effective. It is NOT the effective date)
13. Agency Authorization Information
Agency head or
designee and title:
Steve Gooch, Public Information Officer
R590. Insurance, Administration.
R590-238. Captive Insurance Companies.
R590-238-19. Authorized Forms.
(1)(a) An applicant shall use the following forms, available on the department's website, https://insurance.utah.gov/captive, when applying for a certificate [of authority ]to conduct insurance for a new company: [(a)](i) Application to Form a Captive Insurance Company; [(b) Appointment of the Insurance Commissioner for the State of Utah as Attorney to Accept Service of Process; (c) Bank Capitalization Confirmation Form;] [(d)](ii) Biographical Affidavit for Captive Insurance Company; [(e)](iii) Captive Insurance Company Annual Statement Form; and [(f)](iv) Statement of Economic Benefit to the State of Utah[; and]. [(g)](b) An applicant may use the following forms, available on the department's website, https://insurance.utah.gov/captive, when applying for a certificate to conduct insurance for a new company, or an alternate form considered acceptable by the commissioner: (i) Bank Deposit Confirmation Form; and (ii) Utah Approved Irrevocable Letter of Credit. (2) An applicant shall use the following forms, available on the department's website, https://insurance.utah.gov/captive, when applying to become an approved captive insurance company service provider:
(a) Application for Placement on Approved Captive Insurer Management Firm List;
(b) Application to Certify Loss and Expense for Captive Insurance Companies Captive Actuary Application; and
(c) Application for Authorization as an Independent Certified Public Accountant for Captive Insurance Companies.
(3) A company, except as provided under Subsection R590-238-4(2)(b), shall use the Captive Insurance Company Annual Statement Form.
(4) A company shall file a Statement of Economic Benefit to the State of Utah form with its initial application and for each year.
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
!--dar--
