DAR File No. 38342

Insurance, Administration

Section R590-229-9

Enforcement Date

Notice of Proposed Rule

(Amendment)

DAR File No.: 38342
Filed: 03/13/2014 02:51:58 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

This rule is being changed as a result of a comment received during the last comment period of this rule.

Summary of the rule or change:

The enforcement date in this rule is being changed from 45 to 65 days.

State statutory or constitutional authorization for this rule:

• Section 31A-22-425
• Subsection 31A-2-201(3)(a)

Anticipated cost or savings to:

the state budget:

The changes to the Enforcement Date Section of the rule will have no fiscal impact on the department or state's budget. The change will simply give more time to any insurer that may need it in order to comply with the provisions of this rule, in particular the requirement to implement the new buyer's guides.

local governments:

This rule will have no impact on local governments since the rule deals solely with the relationship between the department and licensees selling annuities.

small businesses:

This rule will have no fiscal impact on small employers, particularly insurance agencies selling annuities. It just allows time for insurers to implement the new buyer's guides into their business practices and procedures.

persons other than small businesses, businesses, or local governmental entities:

This rule will have no fiscal impact on large employers, individuals or consumers, particularly insurance companies. Insurers will be given more time to implement the business practices and procedures necessary with the adoption of new annuity buyer's guides.

Compliance costs for affected persons:

This rule will have no fiscal impact on large employers, individuals or consumers, particularly insurance companies. Insurers will be given more time to implement the business practices and procedures necessary with the adoption of new annuity buyer's guides.

Comments by the department head on the fiscal impact the rule may have on businesses:

The change in this rule will have no fiscal impact on businesses. It will provide those few insurers that need it more time to implement the new annuity buyers guides.

Todd E. Kiser, Commissioner

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 [email protected]

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

05/01/2014

This rule may become effective on:

05/08/2014

Authorized by:

Todd Kiser, Commissioner

R590. Insurance, Administration.

R590-229. Annuity Disclosure.

R590-229-9. Enforcement Date.

The commissioner will begin enforcing the provisions of this rule [45]65 days after the effective date.

 

KEY: insurance, annuity disclosure

Date of Enactment or Last Substantive Amendment: [March 11, ]2014

Notice of Continuation: September 22, 2009

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-22-425