Utah § 31A-21-310 Dividends on policies.

Utah Statutes

§ 31A-21-310 — Dividends on policies.

Utah § 31A-21-310

Title 31AInsurance Code

Ch. 31A-21Insurance Contracts in General

Part 31A-21-3Specific Clauses in Contracts

This text of Utah § 31A-21-310 (Dividends on policies.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 31A-21-310 (2026).

Text

(1)Section 31A-22-418 applies to life insurance and annuities.

(2)Any insurer may distribute a portion of surplus attributable to policies other than life insurance or annuities, in amounts and with classifications the board of directors determines to be fair and reasonable. This distribution may not be contingent on the renewal of any policy or of premium payments unless the policy stated that limitation when it was written. A schedule explaining the basis for the distribution shall be filed with the commissioner prior to the distribution. The schedule shall be kept confidential by the commissioner unless the commissioner finds that the interests of insureds and the public require that it be made public.

(3)Any insurer may distribute surplus to any class of policyholder, even if the

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(1) Section 31A-22-418 applies to life insurance and annuities.
(2) Any insurer may distribute a portion of surplus attributable to policies other than life insurance or annuities, in amounts and with classifications the board of directors determines to be fair and reasonable. This distribution may not be contingent on the renewal of any policy or of premium payments unless the policy stated that limitation when it was written. A schedule explaining the basis for the distribution shall be filed with the commissioner prior to the distribution. The schedule shall be kept confidential by the commissioner unless the commissioner finds that the interests of insureds and the public require that it be made public.
(3) Any insurer may distribute surplus to any class of policyholder, even if their policies do not provide for it. A schedule explaining the basis for the distribution shall be filed with the commissioner under Subsection (2) at least 30 days prior to the distribution. The commissioner shall disallow any distribution which is materially unfair to other policyholders or which would place the insurer in a financially hazardous condition.
(4) It is permissible to provide an indivisible dividend to classes of policyholders having more than one type of policy, including a combination of life or annuities with other types of insurance.