Utah Code 31A-16b-107. Third-party consultants
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(1) The commissioner may retain a third-party consultant, including an attorney, actuary, accountant, or other expert not otherwise a part of the commissioner’s staff:
Terms Used In Utah Code 31A-16b-107
- Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
- consultant: means a person who:(99)(a) advises another person about insurance needs and coverages;(99)(b) is compensated by the person advised on a basis not directly related to the insurance placed; and(99)(c) except as provided in Section
31A-23a-501 , is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301 - Corporate governance annual disclosure: means a report an insurer or insurance group files in accordance with the requirements of Chapter 16b, Corporate Governance Annual Disclosure Act. See Utah Code 31A-1-301
- Insurance: includes :(96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;(96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and(96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
- Insurance group: means the persons that comprise an insurance holding company system. See Utah Code 31A-1-301
- Person: includes :(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
(1)(a) at the insurer’s or insurance group’s expense; and
(1)(b) as is reasonably necessary to assist the commissioner in reviewing the insurer’s or insurance group‘s:
(1)(b)(i) corporate governance annual disclosure and related information; or
(1)(b)(ii) compliance with this chapter.
(2) A person the commissioner retains under Subsection (1):
(2)(a) is under the direction and control of the commissioner; and
(2)(b) shall act in a purely advisory capacity.
(3) As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer or insurance group, that the third-party consultant:
(3)(a) is free of a conflict of interest; and
(3)(b) has internal procedures in place to:
(3)(b)(i) monitor compliance with Subsection (3)(a); and
(3)(b)(ii) comply with the confidentiality standards and requirements of this chapter.