Effective 5/10/2016 31A-15-203. Risk retention groups chartered in this state. (1) As used in this section: (a) “Board of directors” or “board” means the governing body of the risk retention group elected by the shareholders or members to establish policy, elect or appoint officers and committees, and make other governing decisions. (b) “Director” means a […]
Effective 5/10/2016 31A-15-204. Risk retention groups not chartered in this state — Designation of commissioner as agent — Compliance with unfair claims settlement practices act — Deceptive, false, or fraudulent practices — Examination regarding financial condition — Prohibitions — Penalties — Operation prior to enactment of this part. (1) Risk retention groups chartered and licensed […]
31A-15-205. Guaranty associations. (1) A risk retention group may not be required to join or contribute financially to the Insurance Guaranty Fund created under Title 31A, Chapter 28, Part 2, Property and Casualty Guaranty Association, nor may any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such […]
Effective 5/10/2016 31A-15-206.5. Countersignatures not required. A policy of insurance issued to a risk retention group or any member of the risk retention group may not be required to be countersigned. Enacted by Chapter 138, 2016 General Session
31A-15-207. Purchasing groups — Exemption from certain laws. A purchasing group and its insurers are subject to all applicable laws of this state, except that a purchasing group and its insurers are exempt, in regard to liability insurance for the purchasing group, from any law that would: (1) prohibit the establishment of a purchasing group; […]
Effective 5/10/2016 31A-15-208. Purchasing groups — Notice and registration requirements. (1) A purchasing group that intends to do business in this state shall, before doing business, furnish reasonable notice to the insurance commissioner in this state. The notice shall be on forms prescribed by the National Association of Insurance Commissioners and shall: (a) identify the […]
Effective 5/10/2016 31A-15-209. Restrictions on purchasing groups. (1) A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed producer acting pursuant to […]
31A-15-210. Purchasing group taxation. Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing groups are imposed and shall be paid as follows: (1) If the insurer is an admitted insurer, taxes are imposed on the insurer at […]
31A-15-211. Enforcement authority. (1) The commissioner is authorized to use the powers established for the department under this title to enforce the laws of this state not specifically preempted by the Liability Risk Retention Act of 1986, including the commissioner’s administrative authority to investigate, issue subpoena, conduct depositions and hearings, issue orders, impose monetary penalties […]
Effective 5/10/2016 31A-15-212. Duty of producers to obtain license — Risk retention groups — Purchasing groups. (1) A person may do the following only if the person is licensed as an insurance producer or is exempt from licensure under Chapter 23a, Insurance Marketing – Licensing Producers, Consultants, and Reinsurance Intermediaries: (a) solicit, negotiate, or procure […]
31A-15-213. Effect of orders issued in U.S. District Court. An order issued by any district court of the United States shall be enforceable in the courts of this state to enjoin a risk retention group from soliciting or selling insurance, or operating in any state, in all states, or in any territory or possession of […]
Effective 5/10/2016 31A-15-213.5. Rulemaking. In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make and from time to time amend rules relating to risk retention groups as may be necessary or desirable to carry out this part. Enacted by Chapter 138, 2016 General Session
31A-15-214. Severability. If any provision of this part, or the application of any provision to any person or circumstances, is held invalid, the remainder of this part shall be given effect without the invalid provision or application. Enacted by Chapter 258, 1992 General Session
