Utah § 31A-5-410 Supervision of management changes.

Utah Statutes

§ 31A-5-410 — Supervision of management changes.

Utah § 31A-5-410

Title 31AInsurance Code

Ch. 31A-5Domestic Stock and Mutual Insurance Corporations

Part 31A-5-4Management of Insurance Corporations

This text of Utah § 31A-5-410 (Supervision of management changes.) 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-5-410 (2026).

Text

(1)(1)(a) Immediately after the selection of a person as a director or principal officer, the insurer shall report to the commissioner:

(1)(a)(i) the name of the person selected as a director or principal officer of a corporation; and

(1)(a)(ii) pertinent biographical and other data that the commissioner requires by rule.

(1)(b) For five years after the initial issuance of a certificate of authority to a corporation, the commissioner may, within 30 days after receipt of a report under Subsection (1)(a), disapprove any person selected who fails to satisfy the commissioner that the person:

(1)(b)(i) is trustworthy; and

(1)(b)(ii) has the competence and experience necessary to discharge that person's responsibilities.

(2)(2)(a) Whenever a director or principal officer of a corporation is re

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(1) (1)(a) Immediately after the selection of a person as a director or principal officer, the insurer shall report to the commissioner:
(1)(a)(i) the name of the person selected as a director or principal officer of a corporation; and
(1)(a)(ii) pertinent biographical and other data that the commissioner requires by rule.
(1)(b) For five years after the initial issuance of a certificate of authority to a corporation, the commissioner may, within 30 days after receipt of a report under Subsection (1)(a), disapprove any person selected who fails to satisfy the commissioner that the person:
(1)(b)(i) is trustworthy; and
(1)(b)(ii) has the competence and experience necessary to discharge that person's responsibilities.
(2) (2)(a) Whenever a director or principal officer of a corporation is removed under a provision listed in Subsection (2)(b), the insurer shall immediately report to the commissioner:
(2)(a)(i) the removal; and
(2)(a)(ii) a statement of the reasons for the removal.
(2)(b) Subsection (2)(a) applies to a removal under:
(2)(b)(i) Subsection 16-6a-820(4);
(2)(b)(ii) Section 16-10a-808;
(2)(b)(iii) Section 16-10a-832; and
(2)(b)(iv) Subsection 31A-5-409(4).
(3) The commissioner may order the removal of a director or officer if the commissioner finds, after a hearing, that:

(3)(a) a director or officer:
(3)(a)(i) is incompetent;
(3)(a)(ii) untrustworthy;
(3)(a)(iii) is not qualified under Section 31A-5-409; or
(3)(a)(iv) has wilfully violated:

(3)(a)(iv)(A) this title;
(3)(a)(iv)(B) a rule adopted under Subsection 31A-2-201(3); or
(3)(a)(iv)(C) an order issued under Subsection 31A-2-201(4); and
(3)(b) the circumstances described in Subsection (3)(a) endangers the interests of:
(3)(b)(i) insureds; or
(3)(b)(ii) the public.