No. 30852: R590-124. Loss Information Rule

DAR File No.: 30852
Filed: 12/17/2007, 04:26
Received by: NL

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(3) allows for the adoption of rules to implement the Utah Insurance Code. Subsection 31A-23a-402(8) authorizes the commissioner to define unfair methods of competition. This rule requires that upon a written request from the insured, an insurer must provide the insured with the loss information on the insured's insurance policy. Section R590-124-4 of the rule provides instruction as to what loss information insurers are required to release, when and how often, and in what type of format.

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 on this rule within 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 the law provide guidelines to insurers for the maintenance of loss information and its dissemination to insureds and other insurers. Otherwise, this kind of information is not released by insurers. The information is important to insureds to determine if their efforts to reduce losses have been successful and the information is important to other insurers who want to provide a competitive quote for the insured's business.

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]

Authorized by:

Jilene Whitby, Information Specialist