Section 114 – Recovery.
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 […]
Section 106 – Standards and management of an insurer within a holding company system.
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 […]
Section 107.5 – Examination of registered insurers.
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 […]
Section 108.5 – Supervisory colleges.
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 […]
Section 108.6 – Supervision of internationally active insurance groups.
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 […]
Section 101 – Scope and purpose of chapter.
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 […]
Section 102.5 – Subsidiaries of insurers.
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 […]
Section 102.6 – Mutual insurance holding companies.
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) […]
Section 103 – Acquisition of control of, divestiture of control of, or merger with domestic insurer.
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 […]
Section 104.5 – Acquisitions involving insurers not otherwise covered.
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 […]