DAR File No. 40236
This notice was published in the March 15, 2016, issue (Vol. 2016, No. 6) of the Utah State Bulletin.
Commercial Aviation Insurance Exemption from Rate and Form Filings
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 40236
Filed: 02/29/2016 10:05:19 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 provides general authority to adopt rules to implement Title 31A. Section 31A-19a-103 authorizes the Commissioner to exempt any market segment from provisions of Chapter 19a, Rate Regulation. Subsection 31A-21-101(5) allows the commissioner to exempt any class of insurance contract or class of insurer from provisions of Chapter 21, Insurance Contracts in General, and Chapter 22, Contracts in Specific Lines. The rule exempts commercial aviation insurance from the requirement to file insurance policy rates and forms with the department.
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.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
Because of the unique nature of commercial aviation risks, aviation insurance premiums rely on individual risk analysis, underwriting judgment, and the negotiation of a sophisticated business transaction between the insurer and an informed insured. These types of risks also require individually tailored manuscript-type policies. Because of the uniqueness of each risk, it is not reasonable to set general rates and forms for them. For this reason, it is important that this rule continue in force, exempting commercial aviation insurance from the requirement to file policy rates and forms with the department.
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:Insurance
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 email@example.com
Steve Gooch, Information Specialist
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/2016/b20160315.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 firstname.lastname@example.org. For questions about the rulemaking process, please contact the Division of Administrative Rules.