State Codes and Statutes
Statutes > Utah > Title-31a > Chapter-16 > 31a-16-10531A-16-105. Registration of insurers.
(1) (a) Every insurer which is authorized to do business in this state and which is amember of an insurance holding company system shall register with the commissioner, except aforeign insurer subject to registration requirements and standards adopted by statute or regulationin the jurisdiction of its domicile, if the requirements and standards are substantially similar tothose contained in this section, Subsections 31A-16-106(1)(a) and (2) and either Subsection31A-16-106(1)(b) or a statutory provision similar to the following: "Each registered insurer shallkeep current the information required to be disclosed in its registration statement by reporting allmaterial changes or additions within 15 days after the end of the month in which it learns of eachchange or addition."
(b) Any insurer which is subject to registration under this section shall register within 15days after it becomes subject to registration, and annually thereafter by May 1 of each year for theprevious calendar year, unless the commissioner for good cause extends the time for registrationand then at the end of the extended time period. The commissioner may require any insurerauthorized to do business in the state, which is a member of a holding company system, andwhich is not subject to registration under this section, to furnish a copy of the registrationstatement, the summary specified in Subsection (3), or any other information filed by the insurerwith the insurance regulatory authority of domiciliary jurisdiction.
(2) Every insurer subject to registration shall file the registration statement on a formprescribed by the National Association of Insurance Commissioners, which shall contain thefollowing current information:
(a) the capital structure, general financial condition, and ownership and management ofthe insurer and any person controlling the insurer;
(b) the identity and relationship of every member of the insurance holding companysystem;
(c) any of the following agreements in force, and transactions currently outstanding orwhich have occurred during the last calendar year between the insurer and its affiliates:
(i) loans, other investments, or purchases, sales or exchanges of securities of the affiliatesby the insurer or of securities of the insurer by its affiliates;
(ii) purchases, sales, or exchanges of assets;
(iii) transactions not in the ordinary course of business;
(iv) guarantees or undertakings for the benefit of an affiliate which result in an actualcontingent exposure of the insurer's assets to liability, other than insurance contracts entered intoin the ordinary course of the insurer's business;
(v) all management agreements, service contracts, and all cost-sharing arrangements;
(vi) reinsurance agreements;
(vii) dividends and other distributions to shareholders; and
(viii) consolidated tax allocation agreements;
(d) any pledge of the insurer's stock, including stock of any subsidiary or controllingaffiliate, for a loan made to any member of the insurance holding company system; and
(e) any other matters concerning transactions between registered insurers and anyaffiliates as may be included in any subsequent registration forms adopted or approved by thecommissioner.
(3) All registration statements shall contain a summary outlining all items in the currentregistration statement representing changes from the prior registration statement.
(4) No information need be disclosed on the registration statement filed pursuant toSubsection (2) if the information is not material for the purposes of this section. Unless thecommissioner by rule or order provides otherwise, sales, purchases, exchanges, loans orextensions of credit, investments, or guarantees involving one-half of 1%, or less, of an insurer'sadmitted assets as of the next preceding December 31 may not be considered material forpurposes of this section.
(5) Any person within an insurance holding company system subject to registration shallprovide complete and accurate information to an insurer if the information is reasonablynecessary to enable the insurer to comply with the provisions of this chapter.
(6) The commissioner shall terminate the registration of any insurer which demonstratesthat it no longer is a member of an insurance holding company system.
(7) The commissioner may require or allow two or more affiliated insurers subject toregistration under this section to file a consolidated registration statement.
(8) The commissioner may allow an insurer which is authorized to do business in thisstate, and which is part of an insurance holding company system, to register on behalf of anyaffiliated insurer which is required to register under Subsection (1) and to file all information andmaterial required to be filed under this section.
(9) The provisions of this section do not apply to any insurer, information, or transactionif, and to the extent that, the commissioner by rule or order exempts the insurer from theprovisions of this section.
(10) Any person may file with the commissioner a disclaimer of affiliation with anyauthorized insurer, or a disclaimer of affiliation may be filed by any insurer or any member of aninsurance holding company system. The disclaimer shall fully disclose all material relationshipsand bases for affiliation between the person and the insurer as well as the basis for disclaimingthe affiliation. After a disclaimer has been filed, the insurer shall be relieved of any duty toregister or report under this section which may arise out of the insurer's relationship with theperson unless and until the commissioner disallows the disclaimer. The commissioner shalldisallow a disclaimer only after furnishing all parties in interest with notice and opportunity to beheard, and after making specific findings of fact to support the disallowance.
(11) The failure to file a registration statement or any summary of the registrationstatement required by this section within the time specified for the filing is a violation of thissection.
Amended by Chapter 306, 2007 General Session
