No. 38366 (5-year Review): Rule R590-228. Submission of Credit Life and Credit Accident and Health Insurance Form and Rate Filings

DAR File No.: 38366
Filed: 03/18/2014 10:43:04 AM

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. Section 31A-22-807 allows the commissioner to set loss ratio standards and tests to make sure the benefits provided are reasonable in relation to the premiums paid for the coverage. 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 credit life and credit accident and health insurance 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:

The department has not received any written comments 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:

It is important that this rule continue in force to allow the department to provide uniformity among companies selling credit life and credit accident and health products in the United States. The rule 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. 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]

Effective:

03/18/2014

Authorized by:

Todd Kiser, Commissioner

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