31A-16-101. Scope and purpose of chapter. (1) This chapter applies to all persons doing an insurance business in Utah. (2) The purposes of this chapter include: (a) exercising surveillance over the acquisition of a domestic insurer, to ensure that in the process of making it part of an insurance holding company system, the interests of […]
Effective 10/1/2015 31A-16-102.5. Subsidiaries of insurers. (1) (a) A domestic insurer may organize or acquire one or more subsidiaries either: (i) by itself; or (ii) in cooperation with one or more persons. (b) A subsidiary of a domestic insurer may conduct any kind of business or businesses and its authority to do so may not […]
Effective 5/4/2022 31A-16-102.6. Mutual insurance holding companies. (1) As used in this section: (a) “Intermediate holding company” means a holding company that: (i) is a subsidiary of a mutual insurance holding company; (ii) directly or through a subsidiary of the holding company, holds one or more subsidiary insurers, including a reorganized mutual insurer; and (iii) […]
Effective 5/8/2018 31A-16-103. Acquisition of control of, divestiture of control of, or merger with domestic insurer. (1) (a) A person may not take the actions described in Subsection (1)(b) or (c) unless, at the time any offer, request, or invitation is made or any such agreement is entered into, or prior to the acquisition of […]
Effective 10/1/2015 31A-16-104.5. Acquisitions involving insurers not otherwise covered. (1) The following definitions apply for the purposes of this section only: (a) “Acquisition” means an agreement, arrangement, or activity the consummation of which results in a person acquiring directly or indirectly the control of another person and includes the acquisition of voting securities, the acquisition […]
Effective 5/4/2022 31A-16-105. Registration of insurers. (1) (a) An insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to registration requirements and standards adopted by statute or regulation in the jurisdiction of its […]
Effective 5/4/2022 31A-16-106. Standards and management of an insurer within a holding company system. (1) (a) Transactions within an insurance holding company system to which an insurer subject to registration is a party are subject to the following standards: (i) the terms shall be fair and reasonable; (ii) agreements for cost sharing services and management […]
Effective 10/1/2015 31A-16-107.5. Examination of registered insurers. (1) Subject to the limitation contained in this section and the powers which the commissioner has under Chapter 2, Administration of the Insurance Laws, relating to the examination of insurers, the commissioner has the power to examine an insurer registered under Section 31A-16-105 and its affiliates to ascertain […]
Effective 10/1/2015 31A-16-108.5. Supervisory colleges. (1) For an insurer registered under Section 31A-16-105 and in accordance with Subsection (3), the commissioner may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations to determine compliance by the insurer with this chapter. The powers of […]
Effective 5/14/2019 31A-16-108.6. Supervision of internationally active insurance groups. (1) (a) Except as otherwise provided in this section, the commissioner shall act as the group-wide supervisor for each internationally active insurance group. (b) In lieu of acting as the group-wide supervisor for an internationally active insurance company, the commissioner may acknowledge a regulatory official from […]
Effective 5/4/2022 31A-16-109. Confidentiality of information obtained by commissioner. (1) (a) 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 31A-16-107.5, and all information reported or provided to the department under Section 31A-16-105 or 31A-16-108.6, is proprietary, contains […]
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 any rule or order issued by the commissioner under […]
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 person to sell the acquiring person’s stock of the domestic insurer in the manner […]
Effective 10/1/2015 31A-16-112. Sanctions. (1) (a) Notwithstanding Section 31A-2-308, the following sanctions apply: (i) 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, to be recovered by the commissioner and the penalty so […]
Effective 10/1/2015 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 policyholders, creditors, shareholders, or the public, then the commissioner […]
Effective 10/1/2015 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: (a) from any parent corporation, holding company, or person or affiliate who otherwise controlled the insurer, the amount of distributions […]
Effective 10/1/2015 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 commissioner may, after giving notice and an opportunity to be heard, […]
Effective 10/1/2015 31A-16-116. Rules and orders. The commissioner in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, may make rules necessary to carry out this chapter. The commissioner may issue orders as is necessary to carry out this chapter. Enacted by Chapter 244, 2015 General Session
Effective 10/1/2015 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 filing of an appeal pursuant to this section shall stay […]
Effective 10/1/2015 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. Enacted by Chapter 244, 2015 General Session
