No. 38669 (5-year Review): Rule R590-254. Annual Financial Reporting Rule

DAR File No.: 38669
Filed: 07/02/2014 10:40:07 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:

Subsection 31A-2-201(1) authorizes the commissioner to make rules to implement the provisions of Title 31A. Subsections (2) of 31A-2-203(6)(b)(ii) and 31A-5-412(2)(f) authorizes the commissioner to make rules pertaining to annual financial reporting requirements.

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:

This rule is important in fulfilling a major responsibility of the department to maintain surveillance of the financial condition of insurers licensed to do business in Utah. One way this is done is by requiring insurers to submit reports and documents relating to their financial stability, as specified in this rule. Making sure that the financial strength of insurers doing business in Utah is important to maintaining the financial health of their policyholders when they file covered claims. 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:

07/02/2014

Authorized by:

Todd Kiser, Commissioner

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