No. 27554 (Repeal): R590-163. Filing Quarterly Statements

DAR File No.: 27554
Filed: 11/22/2004, 10:10
Received by: NL

 

RULE ANALYSIS

Purpose of the rule or reason for the change:

This rule is being combined into Rule R590-147 along with Rule R590-174 because of similarity of topic. (DAR NOTE: The proposed repeal and reenactment of Rule R590-147 is under DAR No. 27556, and the proposed repeal of Rule R590-174 is under DAR No. 27555 in this issue.)

 

Summary of the rule or change:

This rule is being merged into Rule R590-147. The purpose and substance of this rule is being carried over into the reenacted version of Rule R590-147 with the additional requirement to file an electronic copy of the quarterly statements with the National Association of Insurance Commissioners (NAIC). As a result, the current rule, R590-163, is repealed in its entirety.

 

State statutory or constitutional authorization for this rule:

Sections 31A-2-201 and 31Al-2-202

 

Anticipated cost or savings to:

the state budget:

The repeal of this rule will have no fiscal impact on the state's budget since the requirements in this rule will be continued in Subsections R590-147-5(1) and (2).

 

local governments:

This rule does not affect local government since it only applies to the relationship between insurers and the Insurance Department. Therefore, there are no costs or savings to local government.

 

other persons:

The repeal of this rule will have no fiscal impact on the insurance industry licensed to do business in Utah and their consumers since the requirements of this rule will be continued in Rule R590-147.

 

Compliance costs for affected persons:

The repeal of this rule will have no fiscal impact on the insurance industry licensed to do business in Utah and their consumers since the requirements of this rule will be continued in Rule R590-147.

 

Comments by the department head on the fiscal impact the rule may have on businesses:

The repeal of this rule will have no fiscal impact on businesses in Utah. The requirements of this rule will be transferred to Section R590-147-5.

 

The full text of this rule may be inspected, during regular business hours, at the Division 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:

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

 

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

01/14/2005

 

This rule may become effective on:

01/17/2005

 

Authorized by:

Jilene Whitby, Information Specialist

 

 

RULE TEXT

R590. Insurance, Administration.

[R590-163. Filing Quarterly Statements.

R590-163-1. Authority.

This rule is promulgated pursuant to the general rulemaking authority vested in the commissioner by Section 31A-2-201 and Section 31A-2-202.

 

R590-163-2. Scope.

This rule applies to all insurers domiciled in the State of Utah.

 

R590-163-3. Definitions.

For the purpose of this rule, "Insurer" includes all licensees who are licensed under Title 31A, Chapters 5, 7, 8, 9, and 11 of the Utah Code.

 

R590-163-4. Rule.

All domestic insurers shall file quarterly statements with the Utah Insurance Department. The statements shall be prepared in accordance with the instructions and the accounting practices and procedures manual adopted by the National Association of Insurance Commissioners.

The first quarterly statement for the quarter ending March 31st shall be filed before May 16th. The second quarterly statement for the quarter ending June 30th shall be filed before August 16th, and the third quarterly statement for the quarter ending September 30th shall be filed before November 16th. The fourth quarterly statement is contained within the annual statement filing required under Section 31A-4-113 of the Utah Code.

All statements shall be filed in duplicate, one may be a copy, and one statement shall be signed and verified by the oaths of at least two of the insurer's principal officers.

 

R590-163-5. Severability.

If any provision of this rule or the application thereof to any person or circumstance is, for any reason, held to be invalid, the remainder of the rule and the application of the provision to other persons or circumstances may not be affected.

 

KEY: insurance

1994

Notice of Continuation November 25, 2003

31A-2-201

31A-2-202]