Utah Code 31A-37a-104. Reporting — Books and records
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(1) For purposes of Section 31A-37-501:
Terms Used In Utah Code 31A-37a-104
- Application: means a document:(10)(a)(10)(a)(i) completed by an applicant to provide information about the risk to be insured; and(10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:(10)(a)(ii)(A) insure the risk under:(10)(a)(ii)(A)(I) the coverage as originally offered; or(10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or(10)(a)(ii)(B) decline to insure the risk; or(10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
- Captive insurance company: means :(21)(a) an insurer:(21)(a)(i) owned by a parent organization; and(21)(a)(ii) whose purpose is to insure risks of the parent organization and other risks as authorized under:(21)(a)(ii)(A) Chapter 37, Captive Insurance Companies Act; and(21)(a)(ii)(B) Chapter 37a, Special Purpose Financial Captive Insurance Company Act; or(21)(b) in the case of a group or association, an insurer:(21)(b)(i) owned by the insureds; and(21)(b)(ii) whose purpose is to insure risks of:(21)(b)(ii)(A) a member organization;(21)(b)(ii)(B) a group member; or(21)(b)(ii)(C) an affiliate of:(21)(b)(ii)(C)(I) a member organization; or(21)(b)(ii)(C)(II) a group member. See Utah Code 31A-1-301
- Filed: means that a filing is:(69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;(69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and(69)(a)(iii) accompanied by the appropriate fee in accordance with:(69)(a)(iii)(A) Section
31A-3-103 ; or(69)(a)(iii)(B) rule. See Utah Code 31A-1-301 - Filing: when used as a noun, means an item required to be filed with the department including:(70)(a) a policy;(70)(b) a rate;(70)(c) a form;(70)(d) a document;(70)(e) a plan;(70)(f) a manual;(70)(g) an application;(70)(h) a report;(70)(i) a certificate;(70)(j) an endorsement;(70)(k) an actuarial certification;(70)(l) a licensee annual statement;(70)(m) a licensee renewal application;(70)(n) an advertisement;(70)(o) a binder; or(70)(p) an outline of coverage. See Utah Code 31A-1-301
- Form: means one of the following prepared for general use:(74)(a)(i) a policy;(74)(a)(ii) a certificate;(74)(a)(iii) an application;(74)(a)(iv) an outline of coverage; or(74)(a)(v) an endorsement. 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 company: means a person doing an insurance business as a principal including:(104)(a)(i) a fraternal benefit society;(104)(a)(ii) an issuer of a gift annuity other than an annuity specified in Subsections
31A-22-1305 (2) and (3);(104)(a)(iii) a motor club;(104)(a)(iv) an employee welfare plan;(104)(a)(v) a person purporting or intending to do an insurance business as a principal on that person's own account; and(104)(a)(vi) a health maintenance organization. See Utah Code 31A-1-301 - Order: means an order of the commissioner. See Utah Code 31A-1-301
- 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) the commissioner shall, by rule or order, establish the form and content of the annual report to be filed by a special purpose financial captive insurance company; and
(1)(b) a special purpose financial captive insurance company shall report:
(1)(b)(i) using statutory accounting principles, unless the commissioner requires, approves, or accepts the use of a generally accepted accounting principle; and
(1)(b)(ii) with an appropriate or necessary modification or adaptation of the statutory or generally accepted accounting principle:
(1)(b)(ii)(A) required, approved, or accepted by the commissioner; and
(1)(b)(ii)(B) as supplemented by additional information required by the commissioner.
(2)
(2)(a) A special purpose financial captive insurance company may make written application to file its annual report on a fiscal-year basis.
(2)(b) If an alternative reporting date is granted, the commissioner shall establish the due date and content of the filing required by the special purpose financial captive insurance company in addition to its annual report.
(3)
(3)(a) Unless the commissioner approves a variance before the special purpose financial captive insurance company implements the variance, a special purpose financial captive insurance company shall maintain in the state the following of the special purpose financial captive insurance company:
(3)(a)(i) a book;
(3)(a)(ii) record;
(3)(a)(iii) a document;
(3)(a)(iv) an account;
(3)(a)(v) a voucher; or
(3)(a)(vi) an agreement.
(3)(b) A special purpose financial captive insurance company shall make an item listed in Subsection (3)(a) available for inspection by the commissioner at any time.
(3)(c) A special purpose financial captive insurance company shall keep an item listed in Subsection (3)(a) in a manner so that:
(3)(c)(i) the special purpose financial captive insurance company’s financial condition, affairs, and operations can be readily ascertained; and
(3)(c)(ii) the commissioner may readily:
(3)(c)(ii)(A) verify a financial statement of the special purpose financial captive insurance company; and
(3)(c)(ii)(B) determine the special purpose financial captive insurance company’s compliance with this chapter and Chapter 37, Captive Insurance Companies Act.
(4)
(4)(a) Unless the commissioner approves a variance before the special purpose financial captive insurance company implements the variance, a special purpose financial captive insurance company shall preserve and keep an item listed in Subsection (3)(a) available in this state:
(4)(a)(i) for the purpose of examination and inspection; and
(4)(a)(ii) until the commissioner approves the destruction or other disposition.
(4)(b) If the commissioner approves the keeping of an item listed in Subsection (3)(a) outside this state, the special purpose financial captive insurance company shall maintain a complete copy of the original in the state.
(4)(c) An item listed in Subsection (3)(a) may be photographed, reproduced on film, or stored and reproduced electronically.