No. 28487: R590-227. Submission of Annuity Filings

DAR File No.: 28487
Filed: 03/24/2006, 12:08
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

The additional changes to this rule are being made to conform with the wording in other department filing rules.

 

Summary of the rule or change:

Changes are being made in Section R590-227-5 to clarify procedures insurers should follow to correct forms they have filed with the department. (DAR NOTE: This change in proposed rule has been filed to make additional changes to a proposed amendment that was published in the February 15, 2006, issue of the Utah State Bulletin, on page 8. Underlining in the rule below indicates text that has been added since the publication of the proposed rule mentioned above; strike-out indicates text that has been deleted. You must view the change in proposed rule and the proposed amendment together to understand all of the changes that will be enforceable should the agency make this rule effective.)

 

State statutory or constitutional authorization for this rule:

Sections 31A-2-201, 31A-2-201.1, and 31A-2-202

 

Anticipated cost or savings to:

the state budget:

The amendments to this rule will create no change in the work done by department employees, nor will it change fees or revenues to the department and general fund.

 

local governments:

This rule does not affect local governments since it only applies to the relationship between the department and the licensed insurer.

 

other persons:

Insurers are already making corrections in their filed forms. These changes clarify the procedures for doing so. The changes will have no fiscal impact on insurers or their insureds.

 

Compliance costs for affected persons:

Insurers are already making corrections in their filed forms. These changes clarify the procedures for doing so. The changes will have no fiscal impact on insurers or their insureds.

 

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

The changes to this rule will have no fiscal impact on Utah businesses. D. Kent Michie, Commissioner

 

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:

05/15/2006

 

This rule may become effective on:

05/16/2006

 

Authorized by:

Jilene Whitby, Information Specialist

 

 

RULE TEXT

R590. Insurance, Administration.

R590-227. Submission of Annuity Filings.

 

. . . . . . .

 

R590-227-5. General Filing Information.

(1) Each filing document submitted within the filing must be accurate, consistent, and complete. Each filing must contain all required documents in order for the filing to be processed in a timely and efficient manner. The commissioner may request any additional information deemed necessary.

(2) Insurers and filers are responsible for assuring compliance with Utah laws and rules. A filing not in compliance with Utah laws and rules is subject to regulatory action under Section 31A-2-308.

(3) A filing that does not comply with this rule may be rejected and returned to the filer. A rejected filing is not considered filed with the department.

(4) A prior filing will not be researched to determine the purpose of the current filing.

(5) The department does not review or proofread every filing.

(a) Filings may be reviewed:

(i) when submitted;

(ii) as a result of a complaint;

(iii) during a regulatory examination or investigation; or

(iv) at any other time the department deems necessary.

(b) If a filing is reviewed and is found to be not in compliance with Utah laws and rules, an ORDER TO PROHIBIT USE will be issued to the filer. The commissioner may require the filer to disclose deficiencies in forms or rating practices to affected contract holders.

(6) Filing Correction.

(a) No filing transmittal is required when making corrections to misspelled words and punctuation in a filing. The filing will be considered an informational filing.[ The filer will need to reference the original filing.]

(b) [A new filing is required if a clerical or typographical correction is made more than 30-days after the filed date of the original filing. ]No transmittal is required when clerical corrections are made to a previous filing if submitted within 30 days of the date filed with the department. The filer [will need to]must reference the original filing or include a copy of the original cover letter.

(c) A new filing is required if the clerical corrections are made more than 30 days after the date filed with the department. The filer must reference the original filing or include a copy of the original cover letter.

(7) Revised forms. A form that is revised from a previously filed form is considered a new form and must be filed[ for use]. The filer will need to reference the original filing and explain the changes to the form.

(8) Filing withdrawal. A filer must notify the department when withdrawing a previously filed form, rate, or supplementary information.

 

. . . . . . .

 

KEY: annuity insurance filings

Date of Enactment or Last Substantive Amendment: 2006

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-2-201.1; 31A-2-202