Utah Code 31A-17-202. Status of assets that are not “qualified assets.”
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(1)
Terms Used In Utah Code 31A-17-202
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Excess surplus: means :(186)(c)(i) for a life insurer, accident and health insurer, health organization, or property and casualty insurer as defined in Section
31A-17-601 , the lesser of:(186)(c)(i)(A) that amount of an insurer's or health organization's total adjusted capital that exceeds the product of:(186)(c)(i)(A)(I) 2. See Utah Code 31A-1-301- Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
(1)(a) Except as provided in Subsection (1)(b), if an insurer owns assets that are not qualified assets under Section 31A-17-201, the assets shall be disregarded in determining and reporting the financial condition of the insurer.(1)(b) An insurer may invest its funds in investments that are permitted under Section 31A-18-105 but in excess of the limits under Sections 31A-18-103 and 31A-18-106 or other assets approved by the commissioner and these assets may be recognized and reported in the financial condition of the insurer to the extent the insurer has excess surplus, as defined under Section 31A-1-301.(2) Insurers bear the burden of establishing the extent to which they have excess surplus.