Title 31A, Insurance Code

31A-16-118. Conflict with other laws. If any law or part of a law of this state is inconsistent with this chapter, this chapter governs.

31A-16-119. Severability. If any chapter, section, or subsection of this chapter or the application of any chapter, section, or subsection to any person or circumstance is held invalid, the remainder of the provisions of this chapter shall be given effect without the invalid prov…

31A-16a-101. Title -- Scope. (1) This chapter is known as the "Risk Management and Own Risk and Solvency Assessment Act." (2) This chapter applies to an insurer domiciled in this state unless exempt pursuant to Section 31A-16a-106.

31A-16a-103. Risk management framework. An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of whi…

31A-16a-104. Own risk and solvency assessment requirement. Subject to Section 31A-16a-106, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an own risk and solvency assessment consistent with a process comparable to the ORSA guidance ma…

31A-16a-105. ORSA summary report. (1)(a) Upon the commissioner's request, and no more than once each year, an insurer shall submit to the commissioner an ORSA summary report or any combination of reports that together contain the information described in the ORSA guidance manual,…

31A-16a-106. Exemption. (1) An insurer shall be exempt from the requirements of this chapter, if: (a) the insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop…

31A-16a-107. Contents of ORSA summary report. (1) The ORSA summary report shall be prepared consistent with the ORSA guidance manual, subject to the requirements of Subsection (2). Documentation supporting information shall be maintained and made available upon examination or upo…

31A-16a-108. Confidentiality. (1)(a) A document, material, or other information, including the ORSA summary report, in the possession of or control of the department that is obtained by, created by, or disclosed to the commissioner or any other person under this chapter, is recog…

31A-16a-109. Sanctions. An insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter is required, after notice and hearing, is subject to a penalty under Section 31A-2-308 for each day's delay, to be recovered by the commissioner and …

31A-16a-110. Severability clause. If a provision of this chapter, or the application of this chapter to any person or circumstance, is held invalid, the invalidation does not affect the provisions or applications of this chapter that can be given effect without the invalid provis…

31A-16b-101. Title. This chapter is known as the "Corporate Governance Annual Disclosure Act."

31A-16b-102. Administration and scope. (1) The commissioner is solely responsible for the administration and enforcement of the provisions of this chapter. (2) This chapter does not: (a) prescribe or impose corporate governance standards or internal procedures beyond what is requ…

31A-16b-103. Disclosure requirement. (1) An insurer, or the insurance group of which the insurer is a member, shall on or before June 1 of each year submit to the commissioner a corporate governance annual disclosure that contains the information required under Section 31A-16b-10…

31A-16b-104. Rulemaking. (1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules to implement and administer this chapter. (2) The commissioner may issue orders as is necessary to carry out this chapter.

31A-16b-105. Contents of corporate governance annual disclosure. (1)(a) A corporate governance annual disclosure shall include information sufficient to provide the commissioner a clear understanding of the insurer's or insurance group's corporate governance structure, policies, …

31A-16b-106. Confidentiality. (1) A document, material, or other information, including a corporate governance annual disclosure, is considered proprietary and to contain a trade secret if the document, material, or other information is: (a) in the control or possession of the de…

31A-16b-107. Third-party consultants. (1) The commissioner may retain a third-party consultant, including an attorney, actuary, accountant, or other expert not otherwise a part of the commissioner's staff: (a) at the insurer's or insurance group's expense; and (b) as is reasonabl…

31A-16b-108. Penalties. (1) An insurer or insurance group that, without just cause, fails to timely file a corporate governance annual disclosure as required in this chapter shall, after notice and hearing, pay a penalty of $10,000 for each day's delay, up to $300,000. (2) Any pe…

31A-17-101. Scope. Except as otherwise provided under this code, this chapter and the rules adopted to implement it apply to all insurers, including reinsurers, authorized to do business in this state.

31A-17-102. Standards for accounting rules. When adopting accounting rules, the commissioner shall consider recommendations made by the National Association of Insurance Commissioners. Accounting rules shall follow generally accepted accounting principles, except as modified by s…

31A-17-201. Qualified assets. (1) Except as provided under Subsections (3) and (4), only the qualified assets listed in Subsection (2) may be used in determining the financial condition of an insurer, except to the extent an insurer has shown to the commissioner that the insurer …

31A-17-202. Status of assets that are not "qualified assets." (1)(a) Except as provided in Subsection (1)(b), if an insurer owns assets that are not qualified assets under Section 31A-17-201, the assets shall be disregarded in determining and reporting the financial condition of …

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: (a) specifying the liabilities required to be reported by an insurer in a financial statement submitted under Section 31A-2-202; and (b) the methods of valuing the liabilities de…

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

31A-17-404.1. Asset or reduction from liability for reinsurance ceded by a domestic insurer to other assuming insurers. (1)(a) 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 Section …

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

31A-17-404.4. Transition -- Application to reinsurance agreement. The amendments to this part made in Laws of Utah 2008, Chapter 257, 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 J…

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 Section 31A-5-306 or 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: (a) maintain and segregate an unearned premium reserve fund of not less than 10 cents for each $1,000 face amount of retained liability und…

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: (a) Notwithstanding Section 31A-1-301, "accident and health…

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

31A-17-503. Actuarial opinion of reserves. (1)(a) 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 actu…

31A-17-504. Computation of minimum standard. Except as provided in Sections 31A-17-505, 31A-17-506, and 31A-17-513, 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…

31A-17-505. Computation of minimum standard for annuities. (1) Except as provided in Section 31A-17-506, 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 (2), and …

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: (a) life insurance policies issue…

31A-17-507. Reserve valuation method -- Life insurance and endowment benefits. (1) Except as otherwise provided in Sections 31A-17-508, 31A-17-511, and 31A-17-513, reserves according to the commissioner's reserve valuation method, for the life insurance and endowment benefits of …

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…