No. 41730 (5-year Review): Rule R590-173. Credit for Reinsurance  

  • DAR File No.: 41730
    Filed: 06/05/2017 11:20:41 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:

    Section 31A-2-201 authorizes the commissioner to write rules to implement the provisions of the Insurance Code, Title 31A. In this case, the rule sets forth requirements that are necessary to carry on the provisions of Section 31A-17-404.

    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 received one comment regarding this rule during the past five years. The comment was in support of the rule and its efforts to implement collateral reform for reinsurance.

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

    Credit for reinsurance has relevance for many Utah insurance companies and may be a significant factor in establishing their solvency position. The rule lays out the detailed requirements that apply to this important area. It provides protection to the ceding insurers within the state of Utah and to the individuals insured. 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:

    Effective:

    06/05/2017

    Authorized by:

    Steve Gooch, Information Specialist


Document Information

Effective Date:
6/5/2017
Publication Date:
07/01/2017
Type:
Five-Year Notices of Review and Statements of Continuation
Filed Date:
06/05/2017
Agencies:
Insurance, Administration
Authorized By:
Steve Gooch, Information Specialist
DAR File No.:
41730
Summary:

The department received one comment regarding this rule during the past five years. The comment was in support of the rule and its efforts to implement collateral reform for reinsurance.

CodeNo:
R590-173
CodeName:
{35976|R590-173|R590-173. Credit For Reinsurance}
Link Address:
InsuranceAdministrationRoom 3110 STATE OFFICE BLDG450 N MAIN STSALT LAKE CITY, UT 84114-1201
Link Way:

Steve Gooch, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at sgooch@utah.gov

AdditionalInfo:
More information about a Five-Year Notice of Review and Statement of Continuation is available online. The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull_pdf/2017/b20170701.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version. For questions regarding the content or ...
Related Chapter/Rule NO.: (1)
R590-173. Credit For Reinsurance.