No. 41215 (5-year Review): Rule R590-116. Valuation of Assets

DAR File No.: 41215
Filed: 01/26/2017 05:20:29 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 the provisions of the Insurance Code, Title 31A. Subsection 31A-17-401(3)(a)(ii) authorizes the commissioner to write rules to determine the present value of future income derived from securities owned by an insurer. Subsection 31A-17-401(4) requires the commissioner to adopt rules to implement the provisions of Section 31A-17-401. Section R590-116-4 of the rule sets standards for the valuation of an insurer's assets and securities.

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 sets a standard for all insurers doing business in Utah to use in determining the value of their assets. The rule helps the department assess the financial health of each licensed insurer in an effort to protect the financial security of their insureds. 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:

01/26/2017

Authorized by:

Steve Gooch, Information Specialist

---