DAR File No. 38967
This notice was published in the December 15, 2014, issue (Vol. 2014, No. 24) of the Utah State Bulletin.
Insurance, Administration
Rule R590-197
Treatment of Guaranty Association Assessments as Qualified Assets
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 38967
Filed: 11/21/2014 10:42:32 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:
This rule is promulgated by the insurance commissioner pursuant to the general authority to adopt a rule granted under Subsection 31A-2-201(3). Specific rulemaking authority in Subsection 31A-17-201(2)(a) allows the department to authorize other assets than those specified in the insurance code, as qualified assets in the determination of an insurer's financial condition. Pursuant to Subsection 31A-28-109(8) the insurance commissioner is authorized to approve the amounts and time periods for which contributions are treated as assets.
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
In the past five years, there have been no written comments requesting a change to this rule.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
Insurers are still subject to guarantee fund assessments and states are still allowing premium tax offsets to insurers for payment of guarantee fund assessments. As long as insurers are afforded tax offsets or other benefits for payment of guarantee fund assessments, it is appropriate to allow them as an asset, which is what this rule does. Therefore, this rule is still necessary and 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:
- Steve Gooch at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at sgooch@utah.gov
Effective:
11/21/2014
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/b20141215.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 Steve Gooch at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at sgooch@utah.gov. For questions about the rulemaking process, please contact the Division of Administrative Rules.