Section 102 – Administration and scope.

Effective 1/1/2020 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: (a) prescribe or impose corporate governance standards or internal procedures beyond what is required under applicable state corporate law; or (b) limit the commissioner’s authority, or the […]

Section 103 – Disclosure requirement.

Effective 1/1/2020 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-105. (2) Notwithstanding a request from the commissioner described in Subsection […]

Section 104 – Rulemaking.

Effective 1/1/2020 31A-16b-104. Rulemaking. (1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules to implement and administer this chapter. (2) The commissioner may issue orders as is necessary to carry out this chapter. Enacted by Chapter 193, 2019 General Session

Section 105 – Contents of corporate governance annual disclosure.

Effective 1/1/2020 31A-16b-105. Contents of corporate governance annual disclosure. (1) (a) 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 practices. (b) An insurer or insurance group has discretion to determine the information the insurer or insurance […]

Section 106 – Confidentiality.

Effective 1/1/2020 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: (a) in the control or possession of the department; and (b) obtained by, created by, or disclosed to the commissioner or […]

Section 107 – Third-party consultants.

Effective 1/1/2020 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: (a) at the insurer’s or insurance group’s expense; and (b) as is reasonably necessary to assist the commissioner in reviewing the insurer’s or insurance group’s: (i) […]