State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-02 > 31a-2-217

31A-2-217. Coordination with other states.
(1) (a) Subject to Subsection (1)(b), the commissioner, by rule, may adopt one or moreagreements with another governmental regulatory agency, within and outside of this state, or withthe National Association of Insurance Commissioners to address:
(i) licensing of insurance companies;
(ii) licensing of agents;
(iii) regulation of premium rates and policy forms; and
(iv) regulation of insurer insolvency and insurance receiverships.
(b) An agreement described in Subsection (1)(a), may authorize the commissioner tomodify a requirement of this title if the commissioner determines that the requirements under theagreement provide protections similar to or greater than the requirements under this title.
(2) (a) The commissioner may negotiate an interstate compact that addresses issuingcertificates of authority, if the commissioner determines that:
(i) each state participating in the compact has requirements for issuing certificates ofauthority that provide protections similar to or greater than the requirements of this title; or
(ii) the interstate compact contains requirements for issuing certificates of authority thatprovide protections similar to or greater than the requirements of this title.
(b) If an interstate compact described in Subsection (2)(a) is adopted by the Legislature,the commissioner may issue certificates of authority to insurers in accordance with the terms ofthe interstate compact.
(3) If any provision of this title conflicts with a provision of the annual statementinstructions or the National Association of Insurance Commissioners Accounting Practices andProcedures Manual, the commissioner may, by rule, resolve the conflict in favor of the annualstatement instructions or the National Association of Insurance Commissioners AccountingPractices and Procedures Manual.
(4) The commissioner may, by rule, accept the information prescribed by the NationalAssociation of Insurance Commissioners instead of the documents required to be filed with anapplication for a certificate of authority under:
(a) Section 31A-4-103, 31A-5-204, 31A-8-205, or 31A-14-201; or
(b) rules made by the commissioner.
(5) Before November 30, 2001, the commissioner shall report to the Business and LaborInterim Committee regarding the status of:
(a) any agreements entered into under Subsection (1);
(b) any interstate compact entered into under Subsection (2); and
(c) any rule made under Subsections (3) and (4).
(6) This section shall be repealed in accordance with Section 63I-1-231.

Amended by Chapter 382, 2008 General Session