Title 31A, Title 31A: Insurance Code

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…

31A-18-101. Definitions. As used in this chapter: (1) "Derivative instrument" means an asset appropriately reported in Schedule DB or a Schedule DC of an insurer's statutory financial statement or successor schedules, in accordance with applicable annual statement instructions or…

31A-18-102. Minimum financial security benchmark. (1) Except as provided in Subsectionsand (3), the commissioner shall set a minimum financial security benchmark for an insurer that is the greater of: (2) the authorized control level risk-based capital applicable to the insurer a…

31A-18-103. Authorized investments. (1) Subject to the provisions of this chapter, an insurer may, to the same extent as any other person under the laws of this state and the United States: loan or invest the insurer's funds; and buy, sell, hold title to, possess, occupy, pledge,…

31A-18-105. Prudence evaluation criteria. (1) An insurer shall consider the following factors to determine whether an investment portfolio or investment policy is prudent: general economic conditions; the possible effect of inflation or deflation; the expected tax consequences of…

31A-18-106. Insurer investment policy. (1) An insurer shall establish and follow a written investment policy for exchanging, holding, selling, or managing an investment. (2) An insurer's board of directors shall review the written investment policy described in Subsectionat least…

31A-18-107. Protection against currency fluctuations. (1) An insurer that, in the ordinary course of business, makes payments in more than one currency shall have an investment in securities: in each of the currencies with which the insurer makes payments; and in an amount that, …

31A-18-108. Prohibited investments. (1) As used in this section, "government insurer" means a governmental entity that is authorized by statute or rule to provide an arrangement, contract, or plan: for the transfer of a risk or risks from one or more persons to one or more other …

31A-18-109. Effect of investment restrictions. (1) An insurer may count an invested asset towards the satisfaction of the minimum asset requirement only to the extent that the insurer invests the invested asset in compliance with this chapter, applicable department rules, and ord…

31A-18-110. Authorized classes of investments. An insurer may count the following classes of investments for the purposes stated in Section, whether the insurer makes these investments directly or as a participant in a partnership, joint venture, or limited liability company: (1)…

31A-18-111. Limitations generally applicable. (1) For purposes of determining compliance with Section: 31A-18-109 securities of a single issuer and the single issuer's affiliates, other than the government of the United States and subsidiaries authorized under Section, may not ex…

31A-18-112. Reports and replies. (1) The commissioner may require: any of the following from a person subject to regulation under this chapter: statements, reports, and responses to or other information gathered from questionnaires issued by the commissioner; evidence corroborati…

31A-18-113. Retention of experts. (1) The commissioner may retain, if the commissioner deems necessary to assist in reviewing the insurer's investments, experts including: attorneys; actuaries; accountants; and investment specialists. (2) The commissioner shall: direct and mainta…

31A-18-114. Commissioner's orders. (1) If the commissioner determines that an insurer's practices do not meet the provisions of this chapter, the commissioner may order, after notification to the insurer of the commissioner's findings, the insurer to make changes necessary to com…

31A-18-115. Administrative hearings. An insurer may request a hearing if the insurer is directly aggrieved by the commissioner issuing an order or rule or failing to comply with the provisions of this chapter.

31A-18-116. Confidentiality of information. The investment policy, or information related to the investment policy provided to the commissioner for review, is not a record under Title 63G, Chapter 2, Government Records Access and Management Act, except as provided in Sectionsand,…

31A-18-117. Conflicts of laws and other standards. (1) The provisions of this chapter apply if there is a conflict between this chapter and another provision of state statute, except: Chapter 16, Insurance Holding Companies, purporting to authorize an insurer to make a particular…

31A-18-118. Rules. In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules interpreting and implementing the provisions of this chapter.

31A-19a-101. Title -- Scope and purposes. (1) This chapter is known as the "Utah Rate Regulation Act." (2) Except as provided in Subsection, this chapter applies to all kinds and lines of direct insurance written on risks or operations in this state by an insurer authorized to do…

31A-19a-102. Definitions. As used in this chapter: (1) "Classification system" or "classification" means the process of grouping risks with similar risk characteristics so that differences in anticipated costs may be recognized. (2) "Developed losses" means losses adjusted using …

31A-19a-103. Exemptions. (1) The commissioner may by rule exempt from any or all of the provisions of this chapter: any person; a class of persons; or a market segment. (2) The exemption described in Subsectionshall be given only if and to the extent that the commissioner finds t…

31A-19a-201. Rate standards. (1) Rates may not be excessive, inadequate, or unfairly discriminatory. (2) Rates are not excessive if a reasonable degree of price competition exists at the consumer level with respect to the class of business to which they apply. In determining whet…

31A-19a-202. Rating methods. (1) To determine whether rates comply with the standards under Section, the commissioner shall consider the: 31A-19a-201 criteria listed in Subsection; (2) classifications, if any, permitted under Subsection; (3) expenses described in Subsection; and …