DAR File No. 37838

Insurance, Administration

Section R590-222-3

Incorporation by Reference

Notice of Proposed Rule

(Amendment)

DAR File No.: 37838
Filed: 07/11/2013 02:53:58 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

This rule is being changed to update an appendix that is incorporated by reference.

Summary of the rule or change:

This rule is being changed to update the date of Appendix E that is incorporated by reference. The appendix is being changed to: include a new subsection to list existing Utah life settlement contracts as of prior year end; to clarify that the renewal application is to be submitted with the renewal fee; and to clarify that the due date of the renewal is March 1 each year, as noted in the code.

State statutory or constitutional authorization for this rule:

• Section 31A-36-119
• Subsection 31A-2-201(3)

Anticipated cost or savings to:

the state budget:

The change to the rule and appendix are technical and will have no fiscal impact on the department or the state.

local governments:

This rule has no impact on local governments since it deals solely with the relationship of the department with its licensees.

small businesses:

The changes to the rule and Appendix E are technical and for clarification purposes only and will have no fiscal impact on small businesses.

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

The changes to the rule and Appendix E are technical and for clarification purposes only and will have no fiscal impact on individuals and large businesses.

Compliance costs for affected persons:

The changes to the rule and Appendix E are technical and for clarification purposes only and will have no fiscal impact on individuals, small or large businesses and their consumers.

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

This rule will have no fiscal impact on the Utah insurance industry or any other associated businesses.

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 jwhitby@utah.gov

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:

09/03/2013

This rule may become effective on:

09/10/2013

Authorized by:

Todd Kiser, Commissioner

R590. Insurance, Administration.

R590-222. Life Settlements.

R590-222-3. Incorporation by Reference.

The following appendices are hereby incorporated by reference within this rule and are available at www.insurance.utah.gov/legalresources/currentrules.html:

(1) Appendix A, Utah Life Settlement Provider Initial Application, dated 2009.

(2) Appendix B, Utah Life Settlement Provider Annual Report, dated 2009.

(3) Appendix C, NAIC Life Settlement brochure Selling Your Life Insurance Policy, dated 2004.

(4) Appendix D, NAIC Verification of Coverage for Life Insurance Policies, dated 2004.

(5) Appendix E, Utah Life Settlement Provider Renewal Application, dated [2009]2013.

 

KEY: insurance, life settlement

Date of Enactment or Last Substantive Amendment: [December 20, 2010]2013

Notice of Continuation: May 7, 2013

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-36-119