minimum required capital: means the capital that must be constantly maintained by a stock insurance corporation as required by statute. See Utah Code 31A-1-301
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
(a)
Foreign insurers operating under Chapter 14, Foreign Insurers, shall maintain a deposit in the amount of the insurer’s minimum required capital for stock insurers, or minimum required permanent surplus for mutual insurers.
(b)
The deposit shall be held for the benefit of all policyholders and may be maintained with an official of some other state designated by law to accept the deposit.
(2)
The commissioner may not issue or renew a certificate of authority to an insurer until the insurer complies with this section.
