No. 29454: R590-150. Commissioner's Acceptance of Examination Reports

DAR File No.: 29454
Filed: 01/29/2007, 11:49
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:

Section 31A-2-201, the department's general rulemaking authority section, allows the department to write rules to implement the provisions of the insurance code. Subsection 31A-2-203(4) authorizes the commissioner to approve actuarial evaluations made by another insurance department. The rule supports this by defining standards that must be followed in preparing these examinations that would comply with National Association of Insurance Commissioner's (NAIC) accreditation standards.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

No written comments or inquiries have been received by the department in the past five years regarding this rule.

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

If Rule R590-150 were not continued in force, there could be confusion regarding which examination reports of other states or foreign insurers will be accepted in lieu of an examination performed by the Utah Insurance Department. This rule clearly defines which foreign exam reports will be accepted. Without this additional guidance, Utah may be required to participate in foreign exams, increasing costs to the state and to insurers. 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