31A-14-208 - Requirements for foreign reciprocals. - Utah Statutes

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Statutes > Utah > Title-31a > Chapter-14 > 31a-14-208

31A-14-208. Requirements for foreign reciprocals.
(1) No foreign reciprocal may be authorized to do business in this state unless:
(a) under the laws of its domicile, the provisions of its power of attorney, or otherwise, itcan sue and be sued in its own name;
(b) the assets resulting from the exchange of insurance contracts can be reached by itscreditors; and
(c) either:
(i) if it issues only nonassessable policies, it meets all the financial requirements for amutual corporation in similar circumstances, including unallocated surplus that is at least as greatas the level required under Chapter 17, Part 6, Risk-Based Capital; or
(ii) if it issues any assessable policies, it meets all the requirements for a mutualcorporation issuing assessable policies in similar circumstances and its subscribers are liable tothe exchange to the limit of their assessability without regard to the validity or collectibility of anyassessment levied against other subscribers.
(2) Any reciprocal admitted to Utah shall have a name that includes the word"reciprocal," "interinsurer," "interinsurance exchange," "underwriters," or "association." The namemay not suggest a corporate entity.
(3) The reciprocal may not be authorized to do business in Utah unless the contract withits attorney in fact satisfies the requirements for a management contract under Section31A-14-207.
(4) To the extent they are consistent with the nature of a reciprocal, the provisions ofChapter 5 that are made applicable to foreign mutual corporations by Section 31A-14-205 applyto foreign reciprocals, and the provisions and requirements applicable to principal officers ofcorporations apply to the attorneys in fact of reciprocal insurers.
(5) Except for life insurance and annuities, an authorized reciprocal may transact anykind of insurance, including reinsurance subject to Section 31A-20-107.

Amended by Chapter 9, 1996 Special Session 2

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-14 > 31a-14-208

31A-14-208. Requirements for foreign reciprocals.
(1) No foreign reciprocal may be authorized to do business in this state unless:
(a) under the laws of its domicile, the provisions of its power of attorney, or otherwise, itcan sue and be sued in its own name;
(b) the assets resulting from the exchange of insurance contracts can be reached by itscreditors; and
(c) either:
(i) if it issues only nonassessable policies, it meets all the financial requirements for amutual corporation in similar circumstances, including unallocated surplus that is at least as greatas the level required under Chapter 17, Part 6, Risk-Based Capital; or
(ii) if it issues any assessable policies, it meets all the requirements for a mutualcorporation issuing assessable policies in similar circumstances and its subscribers are liable tothe exchange to the limit of their assessability without regard to the validity or collectibility of anyassessment levied against other subscribers.
(2) Any reciprocal admitted to Utah shall have a name that includes the word"reciprocal," "interinsurer," "interinsurance exchange," "underwriters," or "association." The namemay not suggest a corporate entity.
(3) The reciprocal may not be authorized to do business in Utah unless the contract withits attorney in fact satisfies the requirements for a management contract under Section31A-14-207.
(4) To the extent they are consistent with the nature of a reciprocal, the provisions ofChapter 5 that are made applicable to foreign mutual corporations by Section 31A-14-205 applyto foreign reciprocals, and the provisions and requirements applicable to principal officers ofcorporations apply to the attorneys in fact of reciprocal insurers.
(5) Except for life insurance and annuities, an authorized reciprocal may transact anykind of insurance, including reinsurance subject to Section 31A-20-107.

Amended by Chapter 9, 1996 Special Session 2

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-14 > 31a-14-208

31A-14-208. Requirements for foreign reciprocals.
(1) No foreign reciprocal may be authorized to do business in this state unless:
(a) under the laws of its domicile, the provisions of its power of attorney, or otherwise, itcan sue and be sued in its own name;
(b) the assets resulting from the exchange of insurance contracts can be reached by itscreditors; and
(c) either:
(i) if it issues only nonassessable policies, it meets all the financial requirements for amutual corporation in similar circumstances, including unallocated surplus that is at least as greatas the level required under Chapter 17, Part 6, Risk-Based Capital; or
(ii) if it issues any assessable policies, it meets all the requirements for a mutualcorporation issuing assessable policies in similar circumstances and its subscribers are liable tothe exchange to the limit of their assessability without regard to the validity or collectibility of anyassessment levied against other subscribers.
(2) Any reciprocal admitted to Utah shall have a name that includes the word"reciprocal," "interinsurer," "interinsurance exchange," "underwriters," or "association." The namemay not suggest a corporate entity.
(3) The reciprocal may not be authorized to do business in Utah unless the contract withits attorney in fact satisfies the requirements for a management contract under Section31A-14-207.
(4) To the extent they are consistent with the nature of a reciprocal, the provisions ofChapter 5 that are made applicable to foreign mutual corporations by Section 31A-14-205 applyto foreign reciprocals, and the provisions and requirements applicable to principal officers ofcorporations apply to the attorneys in fact of reciprocal insurers.
(5) Except for life insurance and annuities, an authorized reciprocal may transact anykind of insurance, including reinsurance subject to Section 31A-20-107.

Amended by Chapter 9, 1996 Special Session 2