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Utah Administrative Code (Current through November 1, 2019) |
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R708. Public Safety, Driver License |
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R708-19. Automobile No-Fault Self-Insurance |
| R708-19-1. Authority |
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Latest version.
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This rule is authorized by Section 41-12a-201. |
| R708-19-2. Purpose |
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Latest version.
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The purpose of this rule is to set forth the methods approved by the department for providing the security required by Sections 41-12a-301 and 407. This rule is not intended to exclude any other methods of establishing equivalent security which may be approved by the department. |
| R708-19-3. Amount of Deposit, Bond, or Letter of Credit |
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Latest version.
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The Department requires an insurer to submit a certificate of self-funded coverage by depositing cash, a bond or letter of credit with the Department as per Section 41-12a-407. |
| R708-19-4. Approved Methods |
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Latest version.
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(1) The following methods are approved by the department for meeting the requirements of providing equivalent security. (a) Depositing with the department an amount in cash at least equal to minimum amounts specified hereinafter. The cash shall be held on deposit in accordance with Section 41-12a-406 by the Utah State Treasurer to satisfy approved claims and any executions on any judgment issued against such person making said deposit for damages or benefits provided under the Financial Responsibility of Motor Vehicle Owners and Operators Act. The deposit shall not be subject to attachment or executions except as shall arise from the enforcement of the Act. (b) Posting with the department a bond, on a form approved by the department from a surety company authorized to do business in this state, providing for payment at least equal to minimum amounts specified hereinafter to assure payment of damages and benefits imposed by the Financial Responsibility of Motor Vehicle Owners and Operators Act. (c) Delivering to the department a letter of credit, which is irrevocable as to beneficiary for one year, which covers the same amounts specified hereinafter to assure payment of damages and benefits imposed by the Financial Responsibility of Motor Vehicle Owners and Operators Act (41-12a-101). |
| R708-19-5. General Rules |
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Latest version.
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(1) Each owner providing the equivalent security shall: (a) Complete and have notarized and file an application obtained from and approved by the department. (b) File an application for approval each year. (c) Submit a detailed report to the department within 15 days after each accident for which benefits are claimed under this act, and (d) Be subject to the same requirements and entitled to the same privileges as provided for insurance companies. (e) Maintain a fleet of not less than 25 vehicles. (2) In lieu of the foregoing, an owner may supply a certified copy of the Decision to Grant Self-Insurance from the Interstate Commerce Commission. |