Utah Statutes
§ 31A-9-504 — Rehabilitation or involuntary conversion.
(1)(1)(a) If the commissioner believes that a fraternal does not satisfy the requirements of this chapter, the commissioner shall call a hearing. If the commissioner then finds that the fraternal does not satisfy the requirements:
(1)(a)(i) if the fraternal is domestic, the commissioner shall petition for rehabilitation under Section 31A-27a-207 to rehabilitate the fraternal or, if that is not possible, convert the fraternal to a mutual; or
(1)(a)(ii) if the fraternal is nondomestic, the commissioner shall order it to comply as soon as practicable with the requirements of this chapter or lose its tax exemption.
(1)(b) An order issued under Subsection (1)(a)(ii) shall specify the ways the nondomestic fraternal does not comply with this chapter.
(2)If the fraternal does not promptly compl
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Legislative History
Amended by Chapter 309, 2007 General Session
Nearby Sections
15
§ 31A-1-101
Short title.§ 31A-1-102
Purposes.§ 31A-1-103
Scope and applicability of title.§ 31A-1-104
Authorization to do insurance business.§ 31A-1-105
Presumption of jurisdiction.§ 31A-1-106
Residual unlicensed domestic insurers.§ 31A-1-107
Licensees under former Title 31.§ 31A-1-108
Corporations in the process of organizing.§ 31A-1-109
Name of licensee.§ 31A-1-110
Scope of a license.§ 31A-1-201
Construction.§ 31A-1-202
Effect of repeal of former provisions.§ 31A-1-203
Interpretive rules.§ 31A-1-205
Severability.§ 31A-1-301
Definitions.