Section R590-238-8 - Additional Capital Requirement(1) If the commissioner determines that the financial condition of a company warrants additional capital, the commissioner may require the company to deposit, in trust for the company:(b) a security approved by the commissioner; or(c) an irrevocable letter of credit issued by a bank, as defined in Section 7-1-103.(2) The commissioner shall return the deposit or letter of credit if the company ceases to do business, but only after being satisfied that the company has discharged all of its obligations.(3) A company may receive interest or dividends from the deposit or exchange of the deposits for another deposit of equal value, upon approval of the commissioner.Utah Admin. Code R590-238-8
Amended by Utah State Bulletin Number 2015-20, effective 9/25/2015Adopted by Utah State Bulletin Number 2024-01, effective 12/22/2023Amended by Utah State Bulletin Number 2024-18, effective 9/10/2024