(1) The commissioner may issue a certificate of authority to act as an insurer in this state to a captive insurance company that meets the requirements of this chapter. (2) To conduct insurance business in this state, a captive insurance company shall: (a) obtain from the commissioner a certificate of authority authorizing the captive insurance company to conduct insurance business in this state; (b) (i) hold a meeting of the governing body: (A) at least once each year; (B) at which a quorum is present; (C) in the state; and (D) at which at least one out-of-state individual is physically present; or (ii) become a member of the Utah Captive Insurance Association at the highest level of membership; (c) maintain in this state: (i) the principal place of business of the captive insurance company; or (ii) in the case of a branch captive insurance company, the principal place of business for the branch operations of the branch captive insurance company; and (d) except as provided in Subsection (3), appoint a resident registered agent to accept service of process and to otherwise act on behalf of the captive insurance company in the state. (3) In the case of a captive insurance company formed as a corporation, if the registered agent cannot with reasonable diligence be found at the registered office of the captive insurance company, the commissioner is the agent of the captive insurance company upon whom process, notice, or demand may be served. (4) (a) Before receiving a certificate of authority, an applicant captive insurance company shall file with the commissioner: (i) a certified copy of the captive insurance company's organizational charter; (ii) a statement under oath of the captive insurance company's president and secretary or their equivalents showing the captive insurance company's financial condition; and (iii) any other statement or document required by the commissioner under Section 31A-37-106. (b) In addition to the information required under Subsection (4)(a), an applicant captive insurance company shall file with the commissioner evidence of: (i) the amount and liquidity of the assets of the applicant captive insurance company relative to the risks to be assumed by the applicant captive insurance company; (ii) the adequacy of the expertise, experience, and character of the person who will manage the applicant captive insurance company; (iii) the overall soundness of the plan of operation of the applicant captive insurance company; (iv) the adequacy of the loss prevention programs for the prospective insureds of the applicant captive insurance company as the commissioner deems necessary; and (v) any other factor the commissioner: (A) adopts by rule under Section 31A-37-106; and (B) considers relevant in ascertaining whether the applicant captive insurance company will be able to meet the policy obligations of the applicant captive insurance company. (c) In addition to the information required by Subsections (4)(a) and (b), an applicant sponsored captive insurance company shall file with the commissioner: (i) a business plan at the level of detail required by the commissioner under Section
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