State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-17 > 31a-17-610

31A-17-610. Foreign insurers or health organizations.
(1) (a) Any foreign insurer or health organization shall, upon the written request of thecommissioner, submit to the commissioner an RBC report as of the end of the most recentcalendar year by the later of:
(i) the date an RBC report would be required to be filed by a domestic insurer or healthorganization under this part; or
(ii) 15 days after the request is received by the foreign insurer or health organization.
(b) Any foreign insurer or health organization shall, at the written request of thecommissioner, promptly submit to the commissioner a copy of any RBC plan that is filed withthe insurance commissioner of any other state.
(2) (a) The commissioner may require a foreign insurer or health organization to file anRBC plan with the commissioner if:
(i) there is a company action level event, regulatory action level event, or authorizedcontrol level event with respect to the foreign insurer or health organization as determined under:
(A) the RBC statute applicable in the state of domicile of the insurer or healthorganization; or
(B) if no RBC statute is in force in that state, under this part; and
(ii) the insurance commissioner of the state of domicile of the foreign insurer or healthorganization fails to require the foreign insurer or health organization to file an RBC plan in themanner specified under:
(A) that state's RBC statute; or
(B) if no RBC statute is in force in that state, under Section 31A-17-603.
(b) If the commissioner requires a foreign insurer or health organization to file an RBCplan, the failure of the foreign insurer or health organization to file the RBC plan with thecommissioner is grounds to order the insurer or health organization to cease and desist fromwriting new insurance business in this state.
(3) The commissioner may make application to the Third District Court for Salt LakeCounty permitted under Section 31A-27a-901 with respect to the liquidation of property of aforeign insurer or health organization found in this state if:
(a) a mandatory control level event occurs with respect to any foreign insurer or healthorganization; and
(b) no domiciliary receiver has been appointed with respect to the foreign insurer orhealth organization under the rehabilitation and liquidation statute applicable in the state ofdomicile of the foreign insurer or health organization.

Amended by Chapter 309, 2007 General Session