Utah § 31A-8-217 Material transactions by insurers which are part of holding company system.

Utah Statutes

§ 31A-8-217 — Material transactions by insurers which are part of holding company system.

Utah·Title 31A Insurance Code·Ch. 31A-8 Health Maintenance Organizations and Limited Health Plans·Part 31A-8-2 Domestic Organizations

(1)This section applies to an insurer licensed under this chapter that is part of a holding company system, for purposes of:

(1)(a) the reporting requirements of Section 31A-16-105; and

(1)(b) the material transaction standards of Section 31A-16-106.

(2)Unless otherwise provided by rule, a transaction is not material under Subsection 31A-16-105(4) if the transaction involves an amount:

(2)(a) of not more than:

(2)(a)(i) 10% for each transaction; or

(2)(a)(ii) 20% for cumulative transactions during any one calendar year; and

(2)(b) calculated:

(2)(b)(i) on the basis of the organization's surplus requirement, determined in accordance with Section 31A-5-211; and

(2)(b)(ii) as of December 31 of the year immediately preceding the transaction.

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(1) This section applies to an insurer licensed under this chapter that is part of a holding company system, for purposes of:

(1)(a) the reporting requirements of Section 31A-16-105; and
(1)(b) the material transaction standards of Section 31A-16-106.
(2) Unless otherwise provided by rule, a transaction is not material under Subsection 31A-16-105(4) if the transaction involves an amount:

(2)(a) of not more than:
(2)(a)(i) 10% for each transaction; or
(2)(a)(ii) 20% for cumulative transactions during any one calendar year; and
(2)(b) calculated:
(2)(b)(i) on the basis of the organization's surplus requirement, determined in accordance with Section 31A-5-211; and
(2)(b)(ii) as of December 31 of the year immediately preceding the transaction.

Utah § 31A-8-217 (Material transactions by insurers which are part of holding company system.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.