Section 31A-37-502 - Examination(1)(a) As provided in this section, the commissioner, or a person appointed by the commissioner, may examine each captive insurance company at least once every five years, or more frequently if the commissioner determines a more frequent examination is prudent.(b) The five-year period described in Subsection (1)(a) shall be determined on the basis of five full annual accounting periods of operation.(c) The examination is to be made as of: (i) December 31 of the full five-year period; or(ii) the last day of the month of an annual accounting period authorized for a captive insurance company under this section.(2) During an examination under this section the commissioner, or a person appointed by the commissioner, shall thoroughly inspect and examine the affairs of the captive insurance company to ascertain all or any combination of the following:(a) the financial condition of the captive insurance company;(b) the ability of the captive insurance company to fulfill the insurance policy obligations of the captive insurance company; and(c) whether the captive insurance company has complied with this chapter.(3) A captive insurance company that is inspected and examined under this section shall pay, as provided in Subsection 31A-37-201(6)(b), the expenses and charges of an inspection and examination.Amended by Chapter 120, 2024 General Session ,§ 36, eff. 5/1/2024.Amended by Chapter 193, 2019 General Session ,§ 51, eff. 5/14/2019.Amended by Chapter 348, 2016 General Session ,§ 21, eff. 5/10/2016.Amended by Chapter 138, 2016 General Session ,§ 41, eff. 5/10/2016.Amended by Chapter 244, 2015 General Session ,§ 51, eff. 5/12/2015.Amended by Chapter 349, 2009 General Session