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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 11-13-533, 2025

Public agency insurance mutuals and reserve funds -- Investment standard for public agency insurance mutuals. A public agency insurance mutual or reserve fund may form one or more captive insurance companies in…

Source excerpt

asset managementcaptive insurance company formationfiduciary standardpublic asset investmentreserve funds
Jurisdiction
United States — Utah
Status
In force
Official identity
Year 2025
Dates
Enacted 2025
More statute details
Dates
Enacted 2025
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“Public agency insurance mutuals and reserve funds -- Investment standard for public agency insurance mutuals. A public agency insurance mutual or reserve fund may form one or more captive insurance companies in accordance with Title 31A,”

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Subsection 11-13-533(5)(a)(i)

considering the purposes, terms, distribution requirements, and other circumstances of the investments; and

Section 11-13-533(5)(a)(i)

Subsection 11-13-533(5)(b)(i)

The state treasurer’s actions should be considered in light of the facts and circumstances existing when the investment decision or action was made.

Section 11-13-533(5)(b)(i)

Subsection 11-13-533(5)(b)(ii)(B)

as part of an overall investment strategy that has risk and return objectives that are reasonably suited to the investments.

Section 11-13-533(5)(b)(ii)(B)

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In force source record

Source record from le.utah.gov · Enacted 2025

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Showing 14 of 14 provisions

Provision 14

Part 11-13-5

part 11-13-5 Fiscal Procedures for Interlocal Entities

§ 11-13-533Public agency insurance mutuals and reserve funds -- Investment standard for public agency insurance mutuals.Provision

Source excerpt

Public agency insurance mutuals and reserve funds -- Investment standard for public agency insurance mutuals. A public agency insurance mutual or reserve fund may form one or more captive insurance companies in accordance with Title 31A,

Public agency insurance mutuals and reserve funds -- Investment standard for public agency insurance mutuals. A public agency insurance mutual or reserve fund may form one or more captive insurance companies in accordance with Title 31A, Chapter 37, Captive Insurance Companies Act. The state treasurer shall invest the public agency insurance mutual's assets with the primary goal of providing for the stability, income, and growth of the principal. Nothing in this section requires a specific outcome from investing. The state treasurer may employ professional asset managers to assist in the investment of the public agency insurance mutual's assets. To accomplish the primary goal described in Subsection (2) , the state treasurer shall invest and manage the public agency insurance mutual's assets as a prudent investor would by: considering the purposes, terms, distribution requirements, and other circumstances of the investments; and exercising reasonable care, skill, and caution to meet the standard of care of a prudent investor. In determining whether the state treasurer has met the standard of care of a prudent investor, a court shall: consider the state treasurer's actions in light of the facts and circumstances existing at the time of the investment decision or action; and evaluate the state treasurer's investment and management decisions respecting individual assets: not in isolation, but in the context of an investment portfolio as a whole; and as part of an overall investment strategy that has risk and return objectives that are reasonably suited to the investments.
Section 11-13-533Verify source
§ 11-13-533(1)Subsection 11-13-533(1)Provision

Source excerpt

A public agency insurance mutual or reserve fund may form one or more captive insurance companies, subject to Title 31A, Chapter 37.

A public agency insurance mutual or reserve fund may form one or more captive insurance companies in accordance with Title 31A, Chapter 37, Captive Insurance Companies Act.
Section 11-13-533(1)Verify source
§ 11-13-533(2)Subsection 11-13-533(2)Provision

Source excerpt

The state treasurer must invest the public agency insurance mutual's assets to prioritize stability, income, and growth of the principal.

The state treasurer shall invest the public agency insurance mutual's assets with the primary goal of providing for the stability, income, and growth of the principal.
Section 11-13-533(2)Verify source
§ 11-13-533(3)Subsection 11-13-533(3)Provision

Source excerpt

Nothing in this section requires a specific outcome from investing.

Nothing in this section requires a specific outcome from investing.
Section 11-13-533(3)Verify source
§ 11-13-533(4)Subsection 11-13-533(4)Provision

Source excerpt

The state treasurer may hire professional asset managers to help invest the public agency insurance mutual’s assets.

The state treasurer may employ professional asset managers to assist in the investment of the public agency insurance mutual's assets.
Section 11-13-533(4)Verify source
§ 11-13-533(5)Subsection 11-13-533(5)Provision

Source excerpt

The state treasurer must invest and manage the public agency insurance mutual’s assets as a prudent investor, and courts must assess that conduct using a portfolio-wide, circumstances-based standard.

To accomplish the primary goal described in Subsection (2) , the state treasurer shall invest and manage the public agency insurance mutual's assets as a prudent investor would by: considering the purposes, terms, distribution requirements, and other circumstances of the investments; and exercising reasonable care, skill, and caution to meet the standard of care of a prudent investor. In determining whether the state treasurer has met the standard of care of a prudent investor, a court shall: consider the state treasurer's actions in light of the facts and circumstances existing at the time of the investment decision or action; and evaluate the state treasurer's investment and management decisions respecting individual assets: not in isolation, but in the context of an investment portfolio as a whole; and as part of an overall investment strategy that has risk and return objectives that are reasonably suited to the investments.
Section 11-13-533(5)Verify source
§ 11-13-533(5)(a)Subsection 11-13-533(5)(a)Provision

Source excerpt

The state treasurer must invest and manage the public agency insurance mutual's assets as a prudent investor would.

To accomplish the primary goal described in Subsection (2) , the state treasurer shall invest and manage the public agency insurance mutual's assets as a prudent investor would by: considering the purposes, terms, distribution requirements, and other circumstances of the investments; and exercising reasonable care, skill, and caution to meet the standard of care of a prudent investor.
Section 11-13-533(5)(a)Verify source
§ 11-13-533(5)(a)(i)Subsection 11-13-533(5)(a)(i)Provision

Source excerpt

considering the purposes, terms, distribution requirements, and other circumstances of the investments; and

considering the purposes, terms, distribution requirements, and other circumstances of the investments; and
Section 11-13-533(5)(a)(i)Verify source
§ 11-13-533(5)(a)(ii)Subsection 11-13-533(5)(a)(ii)Provision

Source excerpt

exercising reasonable care, skill, and caution to meet the standard of care of a prudent investor.

exercising reasonable care, skill, and caution to meet the standard of care of a prudent investor.
Section 11-13-533(5)(a)(ii)Verify source
§ 11-13-533(5)(b)Subsection 11-13-533(5)(b)Provision

Source excerpt

A court must evaluate whether the state treasurer met the prudent investor standard by considering the treasurer’s actions at the time of the investment decision and by assessing individual asset decisions in the context of the whole portfolio and overall strategy.

In determining whether the state treasurer has met the standard of care of a prudent investor, a court shall: consider the state treasurer's actions in light of the facts and circumstances existing at the time of the investment decision or action; and evaluate the state treasurer's investment and management decisions respecting individual assets: not in isolation, but in the context of an investment portfolio as a whole; and as part of an overall investment strategy that has risk and return objectives that are reasonably suited to the investments.
Section 11-13-533(5)(b)Verify source
§ 11-13-533(5)(b)(i)Subsection 11-13-533(5)(b)(i)Provision

Source excerpt

The state treasurer’s actions should be considered in light of the facts and circumstances existing when the investment decision or action was made.

consider the state treasurer's actions in light of the facts and circumstances existing at the time of the investment decision or action; and
Section 11-13-533(5)(b)(i)Verify source
§ 11-13-533(5)(b)(ii)Subsection 11-13-533(5)(b)(ii)Provision

Source excerpt

evaluate the state treasurer's investment and management decisions respecting individual assets: not in isolation, but in the context of an investment portfolio as a whole; and as part of an overall investment strategy that has risk and

evaluate the state treasurer's investment and management decisions respecting individual assets: not in isolation, but in the context of an investment portfolio as a whole; and as part of an overall investment strategy that has risk and return objectives that are reasonably suited to the investments.
Section 11-13-533(5)(b)(ii)Verify source
§ 11-13-533(5)(b)(ii)(A)Subsection 11-13-533(5)(b)(ii)(A)Provision

Source excerpt

not in isolation, but in the context of an investment portfolio as a whole; and

not in isolation, but in the context of an investment portfolio as a whole; and
Section 11-13-533(5)(b)(ii)(A)Verify source
§ 11-13-533(5)(b)(ii)(B)Subsection 11-13-533(5)(b)(ii)(B)Provision

Source excerpt

as part of an overall investment strategy that has risk and return objectives that are reasonably suited to the investments.

as part of an overall investment strategy that has risk and return objectives that are reasonably suited to the investments.
Section 11-13-533(5)(b)(ii)(B)Verify source

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