§ 31A-5-701 — General reporting requirement.

Utah § 31A-5-701

• Jurisdiction: Utah
• Title 31A: Insurance Code
• Ch. 31A-5: Domestic Stock and Mutual Insurance Corporations
• Part 31A-5-7: Disclosure of Material Transactions

Text

(1) An insurer domiciled in this state shall file a report with the commissioner disclosing any transaction listed in Subsection (2), unless the transaction has been submitted to the commissioner for review, approval, or information purposes pursuant to other provisions of this title or rules or other requirements made pursuant to this title.
(2) A report is required under Subsection (1) to disclose:

(2)(a) material acquisitions and dispositions of assets; or
(2)(b) material nonrenewals, cancellations, or revisions of ceded reinsurance agreements.
(3) The report required in Subsection (1) is due within 15 days after the end of the calendar month in which any of the transactions described in Subsection (2) occurs.
(4) (4)(a) Except as provided in Subsection (4)(b), reports obtained by or disclosed to the commissioner pursuant to this part are confidential and are not subject to subpoena and may not be made public by the commissioner or any other person or organization, without the prior written consent of the insurer to which it pertains.
(4)(b) (4)(b)(i) The commissioner may publish all or any part of a report in the manner the commissioner considers appropriate if the commissioner determines that the interest of policyholders, shareholders, or the public will be served by publication, after giving notice and an opportunity to be heard to the insurer who would be affected.
(4)(b)(ii) All or any part of a report may be disclosed without notice or consent to insurance departments of other states.

Legislative History

Enacted by Chapter 9, 1996 Special Session 2; Enacted by Chapter 9, 1996 Special Session 2