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Home » 2014 Issues » Vol. 2014, No. 24 (12/15/2014) » No. 38967 (5-year Review): Rule R590-197. Treatment of Guaranty Association Assessments as Qualified Assets

  No. 38967 (5-year Review): Rule R590-197. Treatment of Guaranty Association Assessments as Qualified Assets  

  • DAR File No.: 38967
    Filed: 11/21/2014 10:42:32 AM

    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:

    This rule is promulgated by the insurance commissioner pursuant to the general authority to adopt a rule granted under Subsection 31A-2-201(3). Specific rulemaking authority in Subsection 31A-17-201(2)(a) allows the department to authorize other assets than those specified in the insurance code, as qualified assets in the determination of an insurer's financial condition. Pursuant to Subsection 31A-28-109(8) the insurance commissioner is authorized to approve the amounts and time periods for which contributions are treated as assets.

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

    In the past five years, there have been no written comments requesting a change to this rule.

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

    Insurers are still subject to guarantee fund assessments and states are still allowing premium tax offsets to insurers for payment of guarantee fund assessments. As long as insurers are afforded tax offsets or other benefits for payment of guarantee fund assessments, it is appropriate to allow them as an asset, which is what this rule does. Therefore, this rule is still necessary and should be continued.

    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:

    Effective:

    11/21/2014

    Authorized by:

    Todd Kiser, Commissioner

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Document Information

Effective Date:
11/21/2014
Publication Date:
12/15/2014
Type:
Five-Year Notices of Review and Statements of Continuation
Filed Date:
11/21/2014
Agencies:
Insurance, Administration
Authorized By:
Todd Kiser, Commissioner
DAR File No.:
38967
Summary:

In the past five years, there have been no written comments requesting a change to this rule.

CodeNo:
R590-197
CodeName:
{35473|R590-197|R590-197. Treatment of Guaranty Association Assessments as Qualified Assets}
Link Address:
InsuranceAdministrationRoom 3110 STATE OFFICE BLDG450 N MAIN STSALT LAKE CITY, UT 84114-1201
Link Way:

Steve Gooch, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at sgooch@utah.gov

AdditionalInfo:
More information about a Five-Year Notice of Review and Statement of Continuation is available online. The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at http://www.rules.utah.gov/publicat/bull-pdf/2014/b20141215.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version. For questions regarding the content or ...
Related Chapter/Rule NO.: (1)
R590-197. Treatment of Guaranty Association Assessments as Qualified Assets.