DAR File No. 40345
This notice was published in the May 15, 2016, issue (Vol. 2016, No. 10) of the Utah State Bulletin.
Insurance, Administration
Rule R590-235
Medicare Prescription Drug Plan
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 40345
Filed: 04/21/2016 04:25:21 PM
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(3) authorizes the commissioner to administer and enforce Title 31A and make rules to implement its provisions. The purpose of this rule is to establish licensing and regulatory requirements for a stand-alone prescription drug plan (PDP). These PDPs provide Medicare Part D benefit plans.
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 within 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:
The rule establishes standards and requirements the PDP must meet before selling insurance. These standards are much the same as other insurers requiring the PDP to submit quarterly and annual statements, and they must comply with capital and surplus limits set within the rule and risk-based capital requirements set within the code. Linking these standards and requirements with the PDP allows the department to check their financial stability, giving greater assurance to consumers about the ability of the PDP to provide the benefits within their policy. 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:
- 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:
04/21/2016
Authorized by:
Steve Gooch, Information Specialist
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/2016/b20160515.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.