Title 31A, Title 31A: Insurance Code

31A-16-109. Confidentiality of information obtained by commissioner. (1) Documents, materials, or information obtained by or disclosed to the commissioner or any other person in the course of an examination or investigation made under Section, and all information reported or prov…

31A-16-110. Enjoining violations -- Voting securities acquired in violation of law or rule. (1) Whenever it appears to the commissioner that any insurer or any director, officer, employee, or agent of an insurer has committed or is about to commit a violation of this chapter or a…

31A-16-111. Required sale of improperly acquired stock -- Penalties. (1) If the commissioner finds that the acquiring person has not substantially complied with the requirements of this chapter in acquiring control of a domestic insurer, the commissioner may require the acquiring…

31A-16-112. Sanctions. (1) Notwithstanding Section, the following sanctions apply: 31A-2-308 An insurer failing, without just cause, to file a registration statement required by this chapter is required, after notice and hearing, to pay a penalty of $10,000 for each day's delay, …

31A-16-113. Receivership. Whenever it appears to the commissioner that a person has committed a violation of this chapter that so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its pol…

31A-16-114. Recovery. (1) If an order for liquidation or rehabilitation of a domestic insurer is entered, the receiver appointed under the order shall have a right to recover on behalf of the insurer: from any parent corporation, holding company, or person or affiliate who otherw…

31A-16-115. Revocation, suspension, or nonrenewal of insurer's license. Whenever it appears to the commissioner that a person has committed a violation of this chapter that makes the continued operation of an insurer contrary to the interests of policyholders or the public, the c…

31A-16-116. Rules and orders. The commissioner in accordance with, may make rules necessary to carry out this chapter. The commissioner may issue orders as is necessary to carry out this chapter.

31A-16-117. Judicial review -- Mandamus. (1) A person aggrieved by an act, determination, rule, or order or any other action of the commissioner pursuant to this chapter may seek judicial review in accordance with. Title 63G, Chapter 4, Administrative Procedures Act (2) The filin…

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, 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 manual. The in…

31A-16a-105. ORSA summary report. (1) 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, ap…

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

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. Documentation supporting information shall be maintained and made available upon examination or upon re…

31A-16a-108. Confidentiality. (1) 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 recogniz…

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 Sectionfor each day's delay, to be recovered by the commissioner and the penalty…

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: prescribe or impose corporate governance standards or internal procedures beyond what is required…

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-1…

31A-16b-104. Rulemaking. (1) In accordance with, the commissioner may make rules to implement and administer this chapter. Title 63G, Chapter 3, Utah Administrative Rulemaking Act (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 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, and…

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: in the control or possession of the depart…

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: at the insurer's or insurance group's expense; and as is reasonably necess…

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 Subsectionsand, only the qualified assets listed in Subsectionmay be used in determining the financial condition of an insurer, except to the extent an insurer has shown to the commissioner that the insurer has excess sur…

31A-17-202. Status of assets that are not "qualified assets." (1) Except as provided in Subsection, if an insurer owns assets that are not qualified assets under Section, the assets shall be disregarded in determining and reporting the financial condition of the insurer. (1)(b) 3…

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…