No. 29411: R590-133. Variable Contracts

DAR File No.: 29411
Filed: 01/12/2007, 02:07
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) gives the commissioner the authority to write rules to implement the provisions of the insurance code, Title 31A. Subsection 31A-5-217.5(6) gives specific rulemaking authority to regulate the issuance and sale of variable contracts as required in Section 31A-5-217.5.

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 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:

The rule provides guidance to both insurers and producers selling variable life insurance products so that compliance with the insurance code can be maintained. The rule provides consumers protection by requiring disclosure and annual reports for the product purchased. 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]

Authorized by:

Jilene Whitby, Information Specialist