(A) the manner in which the applicant sponsored captive insurance company will account for the losses and expenses of each cell; and (B) the manner in which the applicant sponsored captive insurance company will report to the commissioner the financial history, including losses and expenses, of each cell; (ii) a statement acknowledging that the applicant sponsored captive insurance company will make all financial records of the applicant sponsored captive insurance company, including records pertaining to a cell, available for inspection or examination by the commissioner; (iii) a contract or sample contract between the applicant sponsored captive insurance company and a participant; and (iv) evidence that expenses will be allocated to each cell in an equitable manner. (5) (a) Information submitted in accordance with this section is classified as a protected record under Title 63G, Chapter 2, Government Records Access and Management Act. (b) Notwithstanding Title 63G, Chapter 2, Government Records Access and Management Act, the commissioner may disclose information submitted in accordance with this section to a public official having jurisdiction over the regulation of insurance in another state if: (i) the public official receiving the information agrees in writing to maintain the confidentiality of the information; and (ii) the laws of the state in which the public official serves require the information to be confidential. (c) This Subsection (5) does not apply to information that a risk retention group formed or operating in this state provides. (6) (a) A captive insurance company shall pay to the department the following nonrefundable fees the department establishes under Sections 31A-3-103, 31A-3-304, and 63J-1-504: (i) a fee for examining, investigating, and processing, by a department employee, of an application for a certificate of authority made by an applicant captive insurance company; (ii) a fee for obtaining a certificate of authority for the year the captive insurance company is issued a certificate of authority by the department; and (iii) a certificate of authority renewal fee, assessed annually. (b) The commissioner may: (i) assign a department employee or retain legal, financial, or examination services from outside the department to perform the services described in: (A) Subsection (6)(a); and (B) Section 31A-37-502; and (ii) charge the reasonable cost of services described in Subsection (6)(b)(i) to the applicant captive insurance company. (7) If the commissioner is satisfied that the documents and statements filed by the applicant captive insurance company comply with this chapter, the commissioner may grant a certificate of authority authorizing the company to do insurance business in this state. (8) A certificate of authority granted under this section expires annually and shall be renewed by July 1 of each year.
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