Utah Code 31A-28-112. Reports
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(1) The commissioner shall:
Terms Used In Utah Code 31A-28-112
- Association: means the Utah Life and Health Insurance Guaranty Association continued under Section 31A-28-106. See Utah Code 31A-28-105
- Board of directors: means the board of directors established under Section 31A-28-107. See Utah Code 31A-28-105
- Germane: On the subject of the pending bill or other business; a strict standard of relevance.
- insolvent: means that:(95)(a) an insurer is unable to pay the insurer's obligations as the obligations are due;(95)(b) an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection
31A-17-601 (8)(c); or(95)(c) an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301- Insolvent insurer: means a member insurer that is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Utah Code 31A-28-105
- 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- Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
- Member insurer: includes an insurer whose license or certificate of authority in this state may have been:
(14)(b)(i) suspended;(14)(b)(ii) revoked;(14)(b)(iii) not renewed; or(14)(b)(iv) voluntarily withdrawn. See Utah Code 31A-28-105- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) report to the board of directors when:(1)(a)(i) the commissioner takes an action set forth in Section 31A-27a-201;(1)(a)(iii) the commissioner receives a report from any other commissioner indicating that an action described in Subsection (1)(a)(i) has been taken in another state;(1)(b) include in the report to the board of directors required by Subsection (1)(a):(1)(b)(i) the significant details of the action taken;(1)(b)(ii) the significant details of an event described in Subsection (1)(a)(ii); or(1)(b)(iii) the report received from another commissioner;(1)(c) promptly report to the board of directors when the commissioner has reasonable cause to believe from an examination of any member insurer, whether completed or in process, that the member insurer may be an impaired or insolvent insurer; and(1)(d) furnish to the board of directors the National Association of Insurance Commissioners Insurance Regulatory Information System ratios and listings of companies not included in the ratios developed by the National Association of Insurance Commissioners.(2)(2)(a) The board of directors may use the information contained in the ratios and listings described in Subsection (1)(d) in carrying out the board of directors’ duties and responsibilities under this part.(2)(b) The board of directors shall keep the report and the information contained in the ratios and listings confidential until the commissioner or other lawful authority publishes the information.(3) The commissioner may seek the advice and recommendations of the board of directors concerning any matter affecting the commissioner’s duties and responsibilities regarding the financial condition of member insurers and companies seeking admission to transact insurance business in this state.(4)(4)(a) The board of directors may make reports and recommendations to the commissioner upon any matter germane to:(4)(a)(i) the solvency, liquidation, rehabilitation, or conservation of any member insurer; or(4)(a)(ii) the solvency of any insurer seeking to do business in this state.(4)(b) The reports and recommendations of the board of directors described in Subsection (4)(a) are not public documents.(5) The board of directors may, upon majority vote, notify the commissioner of any information indicating that a member insurer may be an impaired or insolvent insurer.(6) The board of directors may make recommendations to the commissioner for the detection and prevention of member insurer insolvencies.(7)(7)(a) At the conclusion of any member insurer insolvency in which the association was obligated to pay covered claims, the board of directors shall prepare a report to the commissioner containing the information the board of directors has in its possession bearing on the history and causes of the insolvency.(7)(b) In preparing a report on the history and causes of insolvency of a particular member insurer, the board of directors may cooperate with:(7)(b)(i) the board of directors of a guaranty association in another state; or(7)(b)(ii) an organization described in Subsection 31A-28-108(16).(7)(c) The board of directors may adopt by reference any report prepared by:(7)(c)(i) a guaranty association in another state; or(7)(c)(ii) an organization described in Subsection 31A-28-108(16).