DAR File No. 41216
This notice was published in the February 15, 2017, issue (Vol. 2017, No. 4) of the Utah State Bulletin.
Insurance, Administration
Rule R590-117
Valuation of Liabilities
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 41216
Filed: 01/26/2017 05:20:42 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 write rules to implement the Insurance Code, Title 31A. Section 31A-17-402 requires the commissioner to adopt a rule specifying which liabilities shall be reported by insurers and the methods for evaluating these assets. Section R590-117-4 of the rule states the liabilities that are to be listed on the insurer's financial statement and also the methods by which these liabilities are to be valued.
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 received no written comments regarding this rule during 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 standardizes those liabilities that should be listed on an insurer's annual statement, as well as how they are to be valued. It is important that the liabilities of all licensed insurers in Utah be evaluated by the same standard for fairness. Knowing the true value of an insurer's liabilities is one way the department has of determining the insurer's financial health. Therefore, this rule should be continued.
The full text of this rule may be inspected, during regular business hours, at the Office 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:
01/26/2017
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/2017/b20170215.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 Office of Administrative Rules.