No. 43627 (5-year Review): Rule R590-93. Replacement of Life Insurance and Annuities

DAR File No.: 43627
Filed: 04/03/2019 03:56:15 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 Insurance Commissioner to write rules to implement the provisions of the Insurance Code, Title 31A. Subsection 31A-23a-402(8) authorizes the Insurance Commissioner to define methods of competition, acts, and practices found to be unfair or deceptive. Subsection 31A-22-429 authorizes the Insurance Commissioner to require statements regarding existing insurance and to adopt the notice regarding replacement.

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 Insurance 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 provides consumer protection and sets minimum standards to be followed by producers and insurers during the replacement of life insurance policies and annuity contracts. This rule informs the consumer, who is contemplating replacing existing coverage, to think about the benefits that the old policy may provide over those in a new policy. 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:

04/03/2019

Authorized by:

Steve Gooch, Information Specialist

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