No. 41065 (5-year Review): Rule R590-182. Risk Based Capital Instructions

DAR File No.: 41065
Filed: 12/12/2016 03:51:48 PM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Section 31A-2-201 authorizes the commissioner to write rules to implement Title 31A of the Utah Code. Subsection 31A-17-601(7) authorizes the commissioner to adopt risk based capital instructions to be used by licensed insurers and filed annually with the department.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

The department has received no written comments regarding this rule during the past five years.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

This rule provides reference to the Risk Based Capital (RBC) instructions and establishes their authority under Utah law. The RBC reports and instructions are important to ensure that Utah insurance companies report on the same basis as companies from other states. Without this uniformity, cost to companies and to the state would increase significantly, which would also increase costs to Utah policyholders. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:

Insurance
Administration
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201

Direct questions regarding this rule to:

• Steve Gooch at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at [e-mail]

Effective:

12/12/2016

Authorized by:

Steve Gooch, Information Specialist

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