31A-18-101. Scope — Definitions. (1) Except as otherwise provided in this title, this chapter and the rules adopted to implement it apply to all insurers authorized to do business in this state, including a reinsurer. (2) As used in this chapter, “cash” means a medium of exchange that a depository institution, as defined in Section […]
31A-18-102. Separate account investments. (1) Except as provided under Subsection (2), each separate account established under Section 31A-5-217 shall be evaluated as a separate insurer to determine whether the account complies with Chapters 17, Determination of Financial Condition, and Chapter 18, Investments. (2) Except as provided under Subsection (3), the amounts allocated to each separate […]
31A-18-103. Protection against currency fluctuations. Any insurer whose business requires it to make payment in different currencies may have investments in securities in each of those currencies in an amount that, independently of all other investments, meets the requirements of the Insurance Code as applied separately to the insurer’s obligations in each currency. The commissioner […]
31A-18-105. Permitted classes of investments. The following classes of investment may be counted for the purposes specified under Chapter 17, Part 6, Risk-Based Capital: (1) a bond or other evidence of indebtedness of: (a) a governmental unit in the United States or Canada; (b) an instrumentality of a governmental unit described in Subsection (1)(a); or […]
31A-18-106. Investment limitations generally applicable. (1) The investment limitations listed in Subsections (1)(a) through (m) apply to an insurer. (a) For an investment authorized under Subsection 31A-18-105(1) that is not amortizable under applicable valuation rules, the limitation is 5% of assets. (b) For an investment authorized under Subsection 31A-18-105(2), the limitation is 10% of assets. […]
31A-18-107. Disposal of nonqualified assets. (1) The commissioner may allow a reasonable time, not longer than 10 years, for disposal of any investment which was a qualified asset when made, but which, because of changes in valuation or changes in the insurer’s asset mix, is no longer a qualified asset under Section 31A-17-201. (2) The […]
31A-18-108. Investment of excess surplus. (1) If an insurer has excess surplus, as defined under Section 31A-1-301, then to the extent of its excess surplus, the insurer may invest in a manner inconsistent with the limitations of Section 31A-18-106 or in other assets approved by the commissioner. (2) This section does not empower any insurer […]
31A-18-110. Investment valuation reserves. (1) The commissioner may by rule, applicable to all or any specified classes of insurers, provide for the establishment, in reasonable amounts, of investment valuation reserves that are necessary to lessen the impact on surplus of the fluctuation of the values of specific classes of assets. In formulating these rules, the […]
