DAR File No. 38669
This notice was published in the August 1, 2014, issue (Vol. 2014, No. 15) of the Utah State Bulletin.
Insurance, Administration
Rule R590-254
Annual Financial Reporting Rule
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 38669
Filed: 07/02/2014 10:40:07 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:
Subsection 31A-2-201(1) authorizes the commissioner to make rules to implement the provisions of Title 31A. Subsections (2) of 31A-2-203(6)(b)(ii) and 31A-5-412(2)(f) authorizes the commissioner to make rules pertaining to annual financial reporting requirements.
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
The department has not received any written comments regarding this rule 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:
This rule is important in fulfilling a major responsibility of the department to maintain surveillance of the financial condition of insurers licensed to do business in Utah. One way this is done is by requiring insurers to submit reports and documents relating to their financial stability, as specified in this rule. Making sure that the financial strength of insurers doing business in Utah is important to maintaining the financial health of their policyholders when they file covered claims. 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:
InsuranceAdministration
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
Effective:
07/02/2014
Authorized by:
Todd Kiser, Commissioner
Additional Information
More information about a Five-Year Notice of Review and Statement of Continuation is available online.
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull-pdf/2014/b20140801.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact 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. For questions about the rulemaking process, please contact the Division of Administrative Rules.