No. 29449: R590-147. Annual and Quarterly Statement Filing Instructions

DAR File No.: 29449
Filed: 01/29/2007, 10:00
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, the department's general rulemaking authority section, allows the department to write rules to implement the provisions of the insurance code. Section 31A-2-202 authorizes the commissioner to require statements, reports, and information to be delivered to the department or the National Association of Insurance Commissioners (NAIC) in a form specified by the commissioner. Section 31A-4-113 authorizes the commissioner to prescribe by rule the information to be submitted with and the form of the annual statement. The rule requires insurers to complete and file the NAIC's annual statement with the department along with other documents specified in the rule and law.

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

No written comments have been received by the department regarding this rule in 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:

If this rule is not continued in force it may create confusion for insurers regarding their quarterly and annual reporting requirements for the NAIC and the Utah Insurance Department. Annual and quarterly statements may be filed incorrectly more frequently resulting in costly and unnecessary follow-ups by both insurers and the department. 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