No. 32468: R590-227. Submission of Annuity Filings

DAR File No.: 32468
Filed: 03/26/2009, 07:21
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:

Under Subsection 31A-2-201(3), the commissioner is given the authority to write rules to implement the provisions of Title 31A. Under Section 31A-2-201.1, the commissioner is given the authority to regulate the filing of rates, forms, and reports. Under Subsection 31A-2-202(2), the commissioner can prescribe the forms to be used in filing reports. As a result of these code references, this rule sets forth filing requirements, procedures, and forms to be used in the filing of rates and forms for various types of annuity products.

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

As a result of an amendment filed during the past five years, the department received two comments. They requested the removal of the filing status requirement in the rule, and requested that a requirement be included that the department provide a detailed reason for the rejection of a filing.

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

It is important that this rule be continued in force to allow the department to provide uniformity among life and annuity insurance companies in the United States. It allows for uniformity in how a company filing is made and the information and documents to be included, which allows for a uniform review of these rates and forms. The comments received during the past five years were not acted upon. The department already provides detailed information about why a filing is rejected. The department still requires information about the status of a filing in the domestic state because that is the state that reviews a company's filings in depth and the action they take on a filing is indicative of problems there may or may not be with the filing.

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