Utah § 31A-15-208 Purchasing groups -- Notice and registration requirements.

Utah Statutes

§ 31A-15-208 — Purchasing groups -- Notice and registration requirements.

Utah·Title 31A Insurance Code·Ch. 31A-15 Unauthorized Insurers, Surplus Lines, and Risk Retention Groups·Part 31A-15-2 Risk Retention Groups Act

(1)A purchasing group that intends to do business in this state shall, before doing business, furnish reasonable notice to the insurance commissioner in this state. The notice shall be on forms prescribed by the National Association of Insurance Commissioners and shall:

(1)(a) identify the state in which the group is domiciled;

(1)(b) identify the other states in which the group intends to do business;

(1)(c) specify the lines and classifications of liability insurance that the group intends to purchase;

(1)(d) identify the one or more insurance companies from which the group intends to purchase its insurance and the domicile of the insurers;

(1)(e) specify the method by which, and the one or more persons, if any, through whom, insurance will be offered to its members whose risks are res

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(1) A purchasing group that intends to do business in this state shall, before doing business, furnish reasonable notice to the insurance commissioner in this state. The notice shall be on forms prescribed by the National Association of Insurance Commissioners and shall:

(1)(a) identify the state in which the group is domiciled;
(1)(b) identify the other states in which the group intends to do business;
(1)(c) specify the lines and classifications of liability insurance that the group intends to purchase;
(1)(d) identify the one or more insurance companies from which the group intends to purchase its insurance and the domicile of the insurers;
(1)(e) specify the method by which, and the one or more persons, if any, through whom, insurance will be offered to its members whose risks are resident or located in this state;
(1)(f) identify the principal place of business of the group; and
(1)(g) provide any other information as may be required by the commissioner to verify that the group is a qualified "purchasing group," as defined in Section 31A-15-202.
(2) A purchasing group shall notify the commissioner of a change in an item listed in Subsection (1) within 10 days of the change.
(3) (3)(a) A purchasing group shall annually register with the commissioner and pay a filing fee.
(3)(b) A purchasing group shall designate the commissioner as its agent solely for the purpose of receiving service of legal documents or process.
(3)(c) The registration and fee requirements of this Subsection (3) do not apply to a purchasing group that only purchases insurance that was authorized under the Product Liability Risk Retention Act of 1981, and that:
(3)(c)(i) in any state of the United States:

(3)(c)(i)(A) was domiciled before April 1, 1986; and
(3)(c)(i)(B) is domiciled after October 27, 1986;
(3)(c)(ii) (3)(c)(ii)(A) before October 27, 1986, purchased insurance from an insurer licensed in any state; and
(3)(c)(ii)(B) since October 27, 1986, purchased its insurance from an insurer licensed in any state; or
(3)(c)(iii) was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986.
(4) Each purchasing group that is required to give notice under Subsection (1) shall also furnish the information required by the commissioner to:

(4)(a) verify that the entity qualifies as a purchasing group;
(4)(b) determine where the purchasing group is located; and
(4)(c) determine appropriate tax treatment of the purchasing group.

Utah § 31A-15-208 (Purchasing groups -- Notice and registration requirements.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.