Title 31A, Title 31A: Insurance Code

31A-17-203. Encumbering of assets. (1) No domestic insurer may pledge, hypothecate, or otherwise encumber its assets to secure the debt, guaranty, or obligation of any other person. This prohibition does not apply to obligations of the insurer under surety bonds or insurance cont…

31A-17-401. Valuation of assets. (1) The commissioner shall value the assets of insurers in accordance with then current insurance business practices, but not in a manner inconsistent with the provisions of this title. In valuing assets, the commissioner shall consider any method…

31A-17-402. Valuation of liabilities. (1) Subject to this section, the commissioner shall make rules: specifying the liabilities required to be reported by an insurer in a financial statement submitted under Section; and 31A-2-202 the methods of valuing the liabilities described …

31A-17-404. Credit allowed a domestic ceding insurer against reserves for reinsurance. (1) Subject to Subsectionsand, a domestic ceding insurer is allowed credit for reinsurance as either an asset or a reduction from liability for reinsurance ceded only if the reinsurer meets the…

31A-17-404.1. Asset or reduction from liability for reinsurance ceded by a domestic insurer to other assuming insurers. (1) An asset or a reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer that does not meet the requirements of Sectionis a…

31A-17-404.3. Rules. (1) In accordance with, and this chapter, the commissioner may make rules prescribing: Title 63G, Chapter 3, Utah Administrative Rulemaking Act the form of a letter of credit required under this chapter; the requirements for a trust or trust instrument requir…

31A-17-404.4. Transition -- Application to reinsurance agreement. The amendments to this part made in, apply to a cession made on or after July 1, 2008 under a reinsurance contract that has an inception, anniversary, or renewal date no sooner than January 1, 2009.

31A-17-405. Fraternal rates and reserves. (1) A fraternal may be organized for the transaction of business on a plan set forth in the contract which provides for sufficient contributions by each member each year to pay the member's share of the actual death claims of the year, th…

31A-17-406. Adjustment of reserves. The commissioner may order an insurer to adjust its reserves so the reserves bear a reasonable actuarial relationship to the insurer's obligations.

31A-17-407. Accounting for repurchased shares. When a corporation acquires its own shares under Sectionor in any other way, the acquired shares are accounted as a deduction from capital and not as assets.

31A-17-408. Title insurance reserves. (1) In addition to an adequate reserve for outstanding losses, a title insurance company shall either: maintain and segregate an unearned premium reserve fund of not less than 10 cents for each $1,000 face amount of retained liability under e…

31A-17-501. Standard Valuation Law -- Definitions. (1) This part is known as the "Standard Valuation Law." (2) As used in this part, the following definitions apply on or after the operative date of the valuation manual: Notwithstanding Section, "accident and health insurance" me…

31A-17-502. Reserve valuation. (1) The following apply to a policy or contract issued before the operative date of the valuation manual: The commissioner shall annually value, or cause to be valued, the reserve liabilities, also called "reserves" in this part, for outstanding lif…

31A-17-503. Actuarial opinion of reserves. (1) For an actuarial opinion before the operative date of the valuation manual, a life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuari…

31A-17-504. Computation of minimum standard. Except as provided in Sections,, and, the minimum standard for the valuation of the life insurance policies and annuity and pure endowment contracts issued before January 1, 1994, shall be that provided by the laws in effect immediatel…

31A-17-505. Computation of minimum standard for annuities. (1) Except as provided in Section, the minimum standard of valuation for individual annuity and pure endowment contracts issued on or after the operative date of this section, as defined in Subsection, and for annuities a…

31A-17-506. Computation of minimum standard by calendar year of issue. (1) The interest rates used in determining the minimum standard for the valuation shall be the calendar year statutory valuation interest rates as defined in this section for: life insurance policies issued in…

31A-17-507. Reserve valuation method -- Life insurance and endowment benefits. (1) Except as otherwise provided in Sections,, and, reserves according to the commissioner's reserve valuation method, for the life insurance and endowment benefits of policies providing for a uniform …

31A-17-508. Reserve valuation method -- Annuity and pure endowment benefits. (1) This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, establis…

31A-17-509. Minimum reserves. (1) In no event shall a company's aggregate reserves for life insurance policies, excluding accident and health and accidental death benefits, issued on or after January 1, 1994, be less than the aggregate reserves calculated in accordance with the m…

31A-17-510. Optional reserve calculation. (1) Reserves for policies and contracts issued before January 1, 1994, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for such policies and contracts than the minimum r…

31A-17-511. Reserve calculation -- Valuation net premium exceeding the gross premium charged. (1) If in any contract year the gross premium charged by any company on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method …

31A-17-512. Reserve calculation -- Indeterminate premium plans. In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the ca…

31A-17-513. Minimum standards for accident and health insurance contracts. (1) For an accident and health insurance contract issued before the operative date of the valuation manual, the minimum standard of valuation is the standard adopted by the commissioner by rule. (2) For an…

31A-17-514. Valuation manual for policies issued on or after the operative date of the valuation manual. (1) For a policy issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required u…

31A-17-515. Requirements of a principle-based valuation. (1) A company shall establish reserves using a principle-based valuation that meets the following conditions for a policy or contract as specified in the valuation manual: A company shall quantify the benefits and guarantee…

31A-17-516. Experience reporting for policies in force on or after the operative date of the valuation manual. A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.

31A-17-517. Confidentiality. (1) For purposes of this section, "confidential information" means: a memorandum in support of an opinion submitted under Sectionand any other document, material, and other information, including working papers, and copies of a document, material, and…

31A-17-518. Single state exemption. (1) The commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in Utah from the requirements of Sectionprovided: 31A-17-514 the commissioner has issued an exemption in writ…

31A-17-601. Definitions. As used in this part: (1) "Adjusted RBC report" means an RBC report that has been adjusted by the commissioner in accordance with Subsection. 31A-17-602(5) (2) "Corrective order" means an order issued by the commissioner specifying corrective action that …

31A-17-602. RBC reports -- RBC of life and accident and health insurers -- RBC of property and casualty insurers. (1) Every domestic life or accident and health insurer, every domestic property and casualty insurer, and every domestic health organization shall: on or before March…

31A-17-603. Company action level event. (1) "Company action level event" means any of the following events: the filing of an RBC report by an insurer or health organization that indicates that: the insurer's or health organization's total adjusted capital is greater than or equal…

31A-17-604. Regulatory action level event. (1) "Regulatory action level event" means with respect to any insurer or health organization, any of the following events: the filing of an RBC report by the insurer or health organization that indicates that the insurer's or health orga…

31A-17-605. Authorized control level event. (1) "Authorized control level event" means any of the following events: the filing of an RBC report by the insurer or health organization that indicates that the insurer's or health organization's total adjusted capital is greater than …

31A-17-606. Mandatory control level event. (1) "Mandatory control level event" means any of the following events: the filing of an RBC report that indicates that the insurer's or health organization's total adjusted capital is less than its mandatory control level RBC; notificati…

31A-17-607. Hearings. (1) Following receipt of a notice described in Subsection, the insurer or health organization shall have the right to a confidential departmental hearing at which the insurer or health organization may challenge a determination or action by the commissioner.…

31A-17-608. Confidentiality -- Prohibition on announcements -- Prohibition on use in ratemaking. (1) The commissioner shall keep confidential to the extent that information in a report or plan is not required to be included in a publicly available annual statement schedule, any d…

31A-17-609. Alternate adjusted capital. (1) Except as provided in Section, an insurer or health organization licensed under,,,, and, shall maintain total adjusted capital as defined in Sectionin an amount equal to the greater of: 31A-17-602 Chapter 5, Domestic Stock and Mutual In…

31A-17-610. Foreign insurers or health organizations. (1) Any foreign insurer or health organization shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the most recent calendar year by the later of: the date an RBC repor…

31A-17-611. Immunity. There may be no liability on the part of, and no cause of action may arise against, the commissioner or the insurance department or its employees or agents for any action taken by them in the performance of their powers and duties under this part.

31A-17-612. Severability clause. If any provision of this part, or the application of the part to any person or circumstance, is held invalid, the determination may not affect the provisions or applications of this part that can be given effect without the invalid provision or ap…

31A-17-613. Effective date of notice. A notice by the commissioner to an insurer or health organization that may result in regulatory action under this chapter is effective the sooner of: (1) the date the insurer or health organization receives the notice; or (2) three days after…