DAR File No.: 41921
Filed: 07/12/2017 03:17:08 PMNOTICE 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 Utah Insurance Code, Title 31A. Section 31A-4-113 requires every insurer to file annually a true statement of its financial condition.
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 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:
The rule requires all property and casualty insurers to prepare annually the Actuarial Opinion Summary, a document intended to aid regulators in understanding the financial condition of the company. The rule also allows the insurer to request that this document be kept confidential. The rule implements a regulatory requirement that is a part of the NAIC accreditation standards (NAIC Property and Casualty Actuarial Opinion Model Law, #745). NAIC accreditation allows non-domestic states to rely on the accredited domestic regulator to fulfill a baseline level of effective financial regulatory oversight. Maintaining accreditation is vital for the state of Utah and its domestic companies. The Statement of Actuarial Opinion and the Actuarial Opinion Summary are essential regulatory tools needed to assess the financial condition of the insurer. 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 84114-1201Direct 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 sgooch@utah.gov
Effective:
07/12/2017
Authorized by:
Steve Gooch, Information Specialist
Document Information
- Effective Date:
- 7/12/2017
- Publication Date:
- 08/01/2017
- Type:
- Five-Year Notices of Review and Statements of Continuation
- Filed Date:
- 07/12/2017
- Agencies:
- Insurance, Administration
- Authorized By:
- Steve Gooch, Information Specialist
- DAR File No.:
- 41921
- Summary:
The department has received no written comments regarding this rule during the past five years.
- CodeNo:
- R590-264
- CodeName:
- {47891|R590-264|R590-264. Property and Casualty Actuarial Opinion Rule}
- 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/b20170801.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)
- R590-264. Property and Casualty Actuarial Opinion Rule.