Utah § 31A-16a-109 Sanctions.

Utah Statutes

§ 31A-16a-109 — Sanctions.

Utah·Title 31A Insurance Code·Ch. 31A-16a Risk Management and Own Risk and Solvency Assessment Act

An insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter is required, after notice and hearing, is subject to a penalty under Section 31A-2-308 for each day's delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the General Fund. The maximum penalty under this section is a penalty permitted under Section 31A-2-308. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.

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An insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter is required, after notice and hearing, is subject to a penalty under Section 31A-2-308 for each day's delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the General Fund. The maximum penalty under this section is a penalty permitted under Section 31A-2-308. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.

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