DAR File No. 43996

This notice was published in the September 15, 2019, issue (Vol. 2019, No. 18) of the Utah State Bulletin.


Insurance, Administration

Rule R590-79

Life Insurance Disclosure Rule

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 43996
Filed: 08/20/2019 10:48:41 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:

Subsection 31A-2-201(3) authorizes the Insurance Commissioner to write rules to implement the provisions of the Insurance Code, Title 31A. Subsection 31A-22-425(1) authorizes the Insurance Commissioner to make rules to establish standards for buyers' guides and disclosures. This rule requires insurers to deliver information to purchasers of life insurance that will improve the purchaser's ability to select a life insurance policy that is most appropriate for them.

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 Insurance 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 requires disclosure of basic life policy features specified in Title 31A, Chapter 22, Part 4, and specifies the format for disclosure. The disclosure informs and assists consumers in understanding the policy they purchase. 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
Administration
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:

08/20/2019

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/2019/b20190915.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.