Utah Code 31A-8-217. Material transactions by insurers which are part of holding company system

(1) This section applies to an insurer licensed under this chapter that is part of a holding company system, for purposes of:

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301

(1)(a) the reporting requirements of Section 31A-16-105; and

(1)(b) the material transaction standards of Section 31A-16-106.

(2) Unless otherwise provided by rule, a transaction is not material under Subsection 31A-16-105(4) if the transaction involves an amount:

(2)(a) of not more than:

(2)(a)(i) 10% for each transaction; or

(2)(a)(ii) 20% for cumulative transactions during any one calendar year; and

(2)(b) calculated:

(2)(b)(i) on the basis of the organization’s surplus requirement, determined in accordance with Section 31A-5-211; and

(2)(b)(ii) as of December 31 of the year immediately preceding the transaction.