DAR File No. 41438
This notice was published in the May 1, 2017, issue (Vol. 2017, No. 9) of the Utah State Bulletin.
Insider Trading of Equity Securities of Domestic Stock Insurance Companies
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 41438
Filed: 04/04/2017 12:58:50 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 make rules to implement Title 31A, the Utah Insurance Code. Subsection 31A-5-303(3)(a) authorizes the commissioner to adopt a rule to "define terms and prescribe conditions regarding securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market."
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 gives substantial, additional guidance regarding Section 31A-5-303, Insider Trading of Securities. Without this additional and much more detailed guidance, several forms of exemption from the requirements of the statute would not be apparent or effectively available to entities to whom the described situations apply. This lack of guidance would be confusing at best and at worst could lead to costly decisions being made in error regarding the form of any insider trading transaction or the absence thereof. 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: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 firstname.lastname@example.org
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/2017/b20170501.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 email@example.com. For questions about the rulemaking process, please contact the Office of Administrative Rules.