Utah § 31A-27a-703 Partial and final distributions of assets.

Utah Statutes

§ 31A-27a-703 — Partial and final distributions of assets.

Utah § 31A-27a-703

Title 31AInsurance Code

Ch. 31A-27aInsurer Receivership Act

Part 31A-27a-7Distributions

This text of Utah § 31A-27a-703 (Partial and final distributions of assets.) 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-27a-703 (2026).

Text

(1)(1)(a) With the approval of the receivership court, a liquidator may declare and pay:

(1)(a)(i) one or more partial distributions on claims as those claims are allowed; and

(1)(a)(ii) a final distribution.

(1)(b) All claims allowed within a priority class shall be paid at substantially the same percentage.

(1)(c) A distribution under this section to a guaranty association is not an advance under Section 31A-27a-704.

(2)In determining the percentage of distributions to be paid on a claim, the liquidator may consider:

(2)(a) the estimated value of the insurer's property, including estimated reinsurance recoverables in connection with the insurer's estimated liabilities for:

(2)(a)(i) unpaid losses and loss expenses; and

(2)(a)(ii) incurred but not reported losses and loss expenses; and

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(1) (1)(a) With the approval of the receivership court, a liquidator may declare and pay:
(1)(a)(i) one or more partial distributions on claims as those claims are allowed; and
(1)(a)(ii) a final distribution.
(1)(b) All claims allowed within a priority class shall be paid at substantially the same percentage.
(1)(c) A distribution under this section to a guaranty association is not an advance under Section 31A-27a-704.
(2) In determining the percentage of distributions to be paid on a claim, the liquidator may consider:

(2)(a) the estimated value of the insurer's property, including estimated reinsurance recoverables in connection with the insurer's estimated liabilities for:
(2)(a)(i) unpaid losses and loss expenses; and
(2)(a)(ii) incurred but not reported losses and loss expenses; and
(2)(b) the estimated value of the insurer's liabilities, including estimated liabilities for:
(2)(b)(i) unpaid losses and loss expenses; and
(2)(b)(ii) incurred but not reported losses and loss expenses.
(3) Distribution of property in kind may be made at valuations set by agreement:

(3)(a) between the liquidator and the creditor; and
(3)(b) as approved by the receivership court.
(4) (4)(a) Notwithstanding Subsection (1) and Part 6, Claims, the liquidator may pay benefits under a workers' compensation policy after the day on which the liquidation order is entered if:
(4)(a)(i) there is an acceptance of liability by the insurer, and no bona fide dispute exists;
(4)(a)(ii) payment is commenced before the entry of the liquidation order; and
(4)(a)(iii) future or past indemnity or medical payments are due.
(4)(b) A claim payment under this Subsection (4) may continue until the applicable guaranty association:
(4)(b)(i) assumes responsibility for the claim payments; or
(4)(b)(ii) determines the claim is not a covered claim under its guaranty association law.
(4)(c) A claim payment or related expense made under this Subsection (4) may be treated as early access distribution under Section 31A-27a-704 in accordance with an agreement with the guaranty association responsible for the payment.