No. 29410: R590-182. Risk Based Capital Instructions

DAR File No.: 29410
Filed: 01/12/2007, 12:57
Received by: NL

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 allows the commissioner to write rules to implement the insurance code, Title 31A. The more specific rulemaking authority is in Subsection 31A-17-601(7), which gives the commissioner the right to adopt risk based capital (RBC) 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 comment regarding this rule within 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 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 will 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 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]

Authorized by:

Jilene Whitby, Information Specialist