Effective 5/12/2020 31A-21-301. Clauses required to be in a prominent position. (1) The following portions of insurance policies shall appear conspicuously in the policy: (a) as required by Subsections 31A-21-201(3)(a)(iii) and (iv): (i) the exact name of the insurer; (ii) the state of domicile of the insurer; and (iii) for life insurance and annuity policies […]
31A-21-302. Premiums. (1) Subject to Section 31A-21-310 and Subsection 31A-21-106(1), the policy shall clearly state the amount of the total premium or shall explain in detail how it is calculated. Any fee, charge, or other consideration that is not part of the premium shall be disclosed and explained in writing to the insured. The disclosure […]
Effective 5/4/2022 31A-21-303. Cancellation, issuance, and renewal. (1) (a) Except as otherwise provided in this section, other statutes, or by rule under Subsection (1)(c), this section applies to all policies of insurance: (i) except for: (A) life insurance; (B) accident and health insurance; and (C) annuities; and (ii) if the policies of insurance are issued […]
31A-21-304. Special cancellation provisions. Whether or not Section 31A-21-303 is also applicable: (1) Section 31A-21-305 applies to cancellation on request of a premium finance company; (2) Section 70C-6-304 applies to cancellation upon request of a creditor; and (3) Sections 41-12a-404 and 41-12a-405 apply to the cancellation or other termination of insurance coverage or of a […]
31A-21-305. Cancellation upon request of a premium finance company. (1) As used in this section: (a) “Insurance premium finance company” means a person engaged in the business of entering into premium finance agreements. (b) “Premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance […]
31A-21-306. Policies or surety bonds jointly issued. Two or more insurers may together issue a policy or surety bond. Their liability shall be joint and several with respect to the policy or bond. The policy or bond shall state the proportion or amount of premium to be paid to each insurer and, as between the […]
31A-21-307. Other insurance. (1) When two or more policies promise to indemnify an insured against the same loss without intending cumulative coverage, no “other insurance” provisions of the policies may reduce the aggregate protection of the insured below the lesser of the actual insured loss suffered by the insured and the maximum indemnification promised by […]
31A-21-308. Limitations on loss to be borne by insurer. (1) An insurance policy indemnifying an insured against loss may by clear language limit the part of the loss to be paid by the insurer to a specified or determinable maximum amount, to loss in excess of a specified or determinable amount, to a specified proportion […]
31A-21-309. Nonwaiver clause. An insurer may insert a provision in any insurance policy that no change in the policy is valid unless approved by an executive officer of the insurer, or unless the approval is endorsed on the policy or attached to it, or both, and that no agent has authority to change the policy […]
31A-21-310. Dividends on policies. (1) Section 31A-22-418 applies to life insurance and annuities. (2) Any insurer may distribute a portion of surplus attributable to policies other than life insurance or annuities, in amounts and with classifications the board of directors determines to be fair and reasonable. This distribution may not be contingent on the renewal […]
Effective 5/14/2019 31A-21-311. Delivery of policy or certificate. (1) (a) An insurer issuing an individual or group life insurance policy or an accident and health insurance policy shall deliver a copy of the policy to the policyholder as soon as practicable but no later than 90 days after the day on which the coverage is […]
31A-21-312. Notice and proof of loss. (1) Every insurance policy shall provide that: (a) when notice of loss is required separately from proof of loss, notice given by or on behalf of the insured to any authorized agent of the insurer within this state, with particulars sufficient to identify the policy, is notice to the […]
Effective 5/12/2020 31A-21-313. Limitation of actions. (1) (a) An action on a written policy or contract of first party insurance shall be commenced within three years after the inception of the loss. (b) The inception of the loss on a fidelity bond is the date the insurer first denies all or part of a claim […]
Effective 5/8/2018 31A-21-314. Prohibited provisions. (1) As used in this section: (a) “Reserving discretionary authority” means a policy provision that: (i) has the effect of conferring discretion on an insurer, or other claim administrator, to: (A) determine eligibility for benefits; or (B) interpret the terms or provisions of the policy, contract, certificate, or agreement; and […]
31A-21-315. Refund of canceled health insurance premiums and Medicare supplement insurance premiums. (1) As used in this section, “unearned amount of the collected premium” means the amount of the collected premium applicable to the unexpired portion of the time period to which the policy or certificate relates. (2) If a health insurance policy or a […]
Effective 7/1/2014 31A-21-316. Electronic notices and documents. (1) As used in this section: (a) “Delivered by electronic means” includes: (i) delivery to an electronic mail address at which a party has consented to receive a notice or document; or (ii) posting on an electronic network or site accessible by way of the Internet, a mobile […]
