Insurance, Administration

Rule R590-70

Insurance Holding Companies

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 35643
Filed: 01/10/2012 10:37:45 AM

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, Title 31A. The rule provides guidance regarding the registration of an insurance holding company, forms to be used, and filings to be made with the department as noted in Section 31A-16-105.

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 regarding this rule have been received in 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:

Rule R590-70 contains detailed instructions for the registration and filings of Utah domestic insurers in a holding company corporate structure. Without this rule, the statute itself is not adequate to prescribe uniformity, completeness, and accuracy in compliance with the same. Without the rule, there would be little or no guidance for insurers and no linkage to the department's policies, procedures, and forms. 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:

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 [email protected]

Authorized by:

Jilene Whitby, Information Specialist

Effective:

01/10/2012