reglab/housing_qa huggingface dataset:
UT Code § 31A-16a-103 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16a - Risk Management and Own Risk and Solvency Assessment Act|Section 103 - Risk management framework.

 Effective 5/9/2017  31A-16a-103. Risk management framework.  An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. Enacted by Chapter 168, 2017 General Session
UT Code § 31A-16a-104 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16a - Risk Management and Own Risk and Solvency Assessment Act|Section 104 - Own risk and solvency assessment requirement.

 Effective 5/9/2017  31A-16a-104. Own risk and solvency assessment requirement.  Subject to Section 31A-16a-106, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an own risk and solvency assessment consistent with a process comparable to the ORSA guidance manual. The insurer or insurance group shall conduct the own risk and solvency assessment no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member. Enacted by Chapter 168, 2017 General Session
UT Code § 31A-16a-105 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16a - Risk Management and Own Risk and Solvency Assessment Act|Section 105 - ORSA summary report.

 Effective 5/9/2017  31A-16a-105. ORSA summary report.    (1)   (a) Upon the commissioner's request, and no more than once each year, an insurer shall submit to the commissioner an ORSA summary report or any combination of reports that together contain the information described in the ORSA guidance manual, applicable to the insurer, the insurance group of which it is a member, or both.     (b) Notwithstanding a request from the commissioner, if the insurer is a member of an insurance group, the insurer shall submit the one or more reports required by this Subsection (1) if the commissioner is the lead state commissioner of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.       (2) The one or more reports required under Subsection (1) shall include a signature of the insurer's or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of the executive's belief and knowledge that:   (a) the insurer applies the enterprise risk management process described in the ORSA summary report; and     (b) a copy of the report has been provided to the insurer's board of directors or the appropriate committee of the board of directors.       (3) An insurer may comply with Subsection (1) by providing the most recent and substantially similar one or more reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA guidance manual. A report that is in a language other than English must be accompanied by a translation of that report into the English language.    Enacted by Chapter 168, 2017 General Session
UT Code § 31A-16a-107 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16a - Risk Management and Own Risk and Solvency Assessment Act|Section 107 - Contents of ORSA summary report.

 Effective 5/9/2017  31A-16a-107. Contents of ORSA summary report.    (1) The ORSA summary report shall be prepared consistent with the ORSA guidance manual, subject to the requirements of Subsection (2). Documentation supporting information shall be maintained and made available upon examination or upon request of the commissioner.     (2) The review of the ORSA summary report, and any additional requests for information, shall be made using similar procedures as used in the analysis and examination of multi-state or global insurers and insurance groups.    Enacted by Chapter 168, 2017 General Session
UT Code § 31A-16a-109 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16a - Risk Management and Own Risk and Solvency Assessment Act|Section 109 - Sanctions.

 Effective 5/9/2017  31A-16a-109. Sanctions.  An insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter is required, after notice and hearing, is subject to a penalty under Section 31A-2-308 for each day's delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the General Fund. The maximum penalty under this section is a penalty permitted under Section 31A-2-308. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. Enacted by Chapter 168, 2017 General Session
UT Code § 31A-16a-110 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16a - Risk Management and Own Risk and Solvency Assessment Act|Section 110 - Severability clause.

 Effective 5/9/2017  31A-16a-110. Severability clause.  If a provision of this chapter, or the application of this chapter to any person or circumstance, is held invalid, the invalidation does not affect the provisions or applications of this chapter that can be given effect without the invalid provision or application, and to that end the provisions of this chapter are severable. Enacted by Chapter 168, 2017 General Session
UT Code § 31A-16b-101 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16b - Corporate Governance Annual Disclosure Act|Section 101 - Title.

 Effective 1/1/2020  31A-16b-101. Title.  This chapter is known as the "Corporate Governance Annual Disclosure Act." Enacted by Chapter 193, 2019 General Session
UT Code § 31A-16b-102 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16b - Corporate Governance Annual Disclosure Act|Section 102 - Administration and scope.

 Effective 1/1/2020  31A-16b-102. Administration and scope.    (1) The commissioner is solely responsible for the administration and enforcement of the provisions of this chapter.     (2) This chapter does not:   (a) prescribe or impose corporate governance standards or internal procedures beyond what is required under applicable state corporate law; or     (b) limit the commissioner's authority, or the rights or obligations of third parties, under Chapter 2, Administration of the Insurance Laws.       (3) The requirements of this chapter apply to each insurer domiciled in the state.    Enacted by Chapter 193, 2019 General Session
UT Code § 31A-16b-104 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16b - Corporate Governance Annual Disclosure Act|Section 104 - Rulemaking.

 Effective 1/1/2020  31A-16b-104. Rulemaking.    (1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make rules to implement and administer this chapter.     (2) The commissioner may issue orders as is necessary to carry out this chapter.    Enacted by Chapter 193, 2019 General Session
UT Code § 31A-16b-105 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16b - Corporate Governance Annual Disclosure Act|Section 105 - Contents of corporate governance annual disclosure.

 Effective 1/1/2020  31A-16b-105. Contents of corporate governance annual disclosure.    (1)   (a) A corporate governance annual disclosure shall include information sufficient to provide the commissioner a clear understanding of the insurer's or insurance group's corporate governance structure, policies, and practices.     (b) An insurer or insurance group has discretion to determine the information the insurer or insurance group includes in a corporate governance annual disclosure, provided the information complies with Subsection (1)(a).       (2) The commissioner may request additional information that the commissioner determines material and necessary to provide the commissioner with a clear understanding of the insurer's or insurance group's:   (a) corporate governance policies;     (b) reporting and information systems; or     (c) controls implementing the items described in Subsection (2)(a) or (b).       (3) An insurer or insurance group shall maintain and make available upon request of the commissioner:   (a) documentation; and     (b) supporting information.      Enacted by Chapter 193, 2019 General Session
UT Code § 31A-16b-107 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16b - Corporate Governance Annual Disclosure Act|Section 107 - Third-party consultants.

 Effective 1/1/2020  31A-16b-107. Third-party consultants.    (1) The commissioner may retain a third-party consultant, including an attorney, actuary, accountant, or other expert not otherwise a part of the commissioner's staff:   (a) at the insurer's or insurance group's expense; and     (b) as is reasonably necessary to assist the commissioner in reviewing the insurer's or insurance group's:   (i) corporate governance annual disclosure and related information; or     (ii) compliance with this chapter.         (2) A person the commissioner retains under Subsection (1):   (a) is under the direction and control of the commissioner; and     (b) shall act in a purely advisory capacity.       (3) As part of the retention process, a third-party consultant shall verify to the commissioner, with notice to the insurer or insurance group, that the third-party consultant:   (a) is free of a conflict of interest; and     (b) has internal procedures in place to:   (i) monitor compliance with Subsection (3)(a); and     (ii) comply with the confidentiality standards and requirements of this chapter.        Enacted by Chapter 193, 2019 General Session
UT Code § 31A-16b-108 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 16b - Corporate Governance Annual Disclosure Act|Section 108 - Penalties.

 Effective 1/1/2020  31A-16b-108. Penalties.    (1) An insurer or insurance group that, without just cause, fails to timely file a corporate governance annual disclosure as required in this chapter shall, after notice and hearing, pay a penalty of $10,000 for each day's delay, up to $300,000.     (2) Any penalty recovered by the commissioner under this section shall be deposited into the General Fund.     (3) The commissioner may reduce a penalty under this section if the insurer or insurance group demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.    Enacted by Chapter 193, 2019 General Session
UT Code § 31A-18-101 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 18 - Investments|Section 101 - Scope -- Definitions.

31A-18-101. Scope -- Definitions.    (1) Except as otherwise provided in this title, this chapter and the rules adopted to implement it apply to all insurers authorized to do business in this state, including a reinsurer.     (2) As used in this chapter, "cash" means a medium of exchange that a depository institution, as defined in Section 7-1-103, accepts for deposit and allows an immediate credit to an account in the depository institution, including the following in a depository institution:   (a) a savings account; or     (b) a certificate of deposit with a maturity date within one year or less from the day on which the certificate of deposit is acquired.      Amended by Chapter 257, 2008 General Session
UT Code § 31A-18-102 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 18 - Investments|Section 102 - Separate account investments.

31A-18-102. Separate account investments.    (1) Except as provided under Subsection (2), each separate account established under Section 31A-5-217 shall be evaluated as a separate insurer to determine whether the account complies with Chapters 17, Determination of Financial Condition, and Chapter 18, Investments.     (2) Except as provided under Subsection (3), the amounts allocated to each separate account, and accumulations thereon, may be invested and reinvested without regard to any requirements or limitations prescribed by Chapter 18, Investments.     (3) To the extent that the corporation's reserve liability, with regard to benefits guaranteed as to dollar amount and duration and funds guaranteed as to principal amount or stated rate of interest, is maintained in any separate account, a portion of the assets of the account at least equal to the reserve liability shall be invested in accordance with this chapter, or in accordance with such requirements as the commissioner prescribes by rule.     (4) Assets allocated to a separate account shall be valued at market value on the date of valuation, or, if there is no readily available market, then in accordance with the applicable contract. However, a portion of the assets of the account at least equal to the corporation's reserve liability with regard to the guaranteed benefits and funds referred to in Subsection (3), if any, shall be reported separately and valued in accordance with the rules otherwise applicable to the corporation's assets or in accordance with rules adopted under Subsection (3). No securities valuation reserve or other reserve for fluctuation in the value of securities is required for assets that do not have to comply with this chapter.    Enacted by Chapter 242, 1985 General Session
UT Code § 31A-18-103 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 18 - Investments|Section 103 - Protection against currency fluctuations.

31A-18-103. Protection against currency fluctuations.  Any insurer whose business requires it to make payment in different currencies may have investments in securities in each of those currencies in an amount that, independently of all other investments, meets the requirements of the Insurance Code as applied separately to the insurer's obligations in each currency. The commissioner may by order require an insurer, or by rule require a class of insurers, to maintain these separate currency investments if the obligations in other currencies are large enough to present a problem of financial stability if there are substantial fluctuations in relative currency values.  Enacted by Chapter 242, 1985 General Session
UT Code § 31A-18-105 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 18 - Investments|Section 105 - Permitted classes of investments.

31A-18-105. Permitted classes of investments.  The following classes of investment may be counted for the purposes specified under Chapter 17, Part 6, Risk-Based Capital:  (1) a bond or other evidence of indebtedness of:   (a) a governmental unit in the United States or Canada;     (b) an instrumentality of a governmental unit described in Subsection (1)(a); or     (c) a private corporation domiciled in the United States;       (2) an equipment trust obligation or certificate that is an adequately secured instrument:   (a) evidencing an interest in transportation equipment that is located wholly or in part within the United States; and     (b) with a right to receive determined portions of the rental, or to purchase other fixed obligatory payments for the use or purchase of the transportation equipment;       (3) a loan secured by:   (a) one or more mortgages;     (b) one or more trust deeds; or     (c) another statutorily authorized type of security interest in real estate located in the United States;       (4) a loan secured by a pledged security or evidence of debt eligible for investment under this section;     (5) a preferred stock of a United States corporation;     (6)   (a) a common stock of a United States corporation; or     (b) an American depository receipt if traded on one of the following exchanges:   (i) New York;     (ii) American; or     (iii) NASDAQ;         (7) real estate that is used as the home office or branch office of the insurer;     (8) real estate in the United States that produces substantial income;     (9) a loan upon the security of the insurer's own policies in an amount that:   (a) is adequately secured by the policies; and     (b) does not exceed the surrender value of the policies;       (10) a financial futures contract used for hedging and not for speculation, as approved under rules adopted by the commissioner;     (11) an investment in a foreign security of a class permitted under this section as required for compliance with Section 31A-18-103;     (12) an investment permitted under Subsection 31A-18-102(2);     (13) an American depository receipt not traded on one of the following exchanges:   (a) New York;     (b) American; or     (c) NASDAQ;       (14) an investment other than those listed in Subsections (1) through (13) that is determined to be admitted in the Accounting Practices and Procedures Manual, published by the National Association of Insurance Commissioners;     (15) cash; and     (16) another investment the commissioner authorizes by rule.    Amended by Chapter 257, 2008 General Session
UT Code § 31A-18-107 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 18 - Investments|Section 107 - Disposal of nonqualified assets.

31A-18-107. Disposal of nonqualified assets.    (1) The commissioner may allow a reasonable time, not longer than 10 years, for disposal of any investment which was a qualified asset when made, but which, because of changes in valuation or changes in the insurer's asset mix, is no longer a qualified asset under Section 31A-17-201.     (2) The commissioner may allow a reasonable time during which an investment which is not a qualified asset may be characterized as one, but only if the investment was made by mistake or if the forced sale of the asset would be contrary to the interests of insureds, creditors, or the Utah public.    Enacted by Chapter 242, 1985 General Session
UT Code § 31A-18-108 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 18 - Investments|Section 108 - Investment of excess surplus.

31A-18-108. Investment of excess surplus.    (1) If an insurer has excess surplus, as defined under Section 31A-1-301, then to the extent of its excess surplus, the insurer may invest in a manner inconsistent with the limitations of Section 31A-18-106 or in other assets approved by the commissioner.     (2) This section does not empower any insurer to make investments that are:   (a) illegal; or     (b) prohibited under Section 31A-4-107.       (3) Each insurer has the burden of establishing the extent of its excess surplus.    Amended by Chapter 131, 1999 General Session
UT Code § 31A-18-110 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 18 - Investments|Section 110 - Investment valuation reserves.

31A-18-110. Investment valuation reserves.    (1) The commissioner may by rule, applicable to all or any specified classes of insurers, provide for the establishment, in reasonable amounts, of investment valuation reserves that are necessary to lessen the impact on surplus of the fluctuation of the values of specific classes of assets. In formulating these rules, the commissioner shall consider:   (a) similar rules used in other states or recommended for use by the National Association of Insurance Commissioners;     (b) the propensities of the various types and classes of investments to fluctuate in value; and     (c) the present and anticipated investment climate, as measured by economic indicators such as interest rates, price-level changes, market volatility, and economic growth or decline.       (2) The commissioner may by order require an individual insurer to establish investment valuation reserves in addition to those required for other insurers of the class to which the insurer belongs, to the extent that the financial condition of the insurer and the nature of its assets and liabilities or business require that those reserves be established to adequately protect its insureds.     (3) Where reasonably possible, reserves required under Subsection (1) shall correspond with those generally required in other states.    Enacted by Chapter 242, 1985 General Session
UT Code § 31A-20-101 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 20 - Underwriting Restrictions|Section 101 - Underwriting limitations.

31A-20-101. Underwriting limitations.  No insurer may insure or attempt to insure against:  (1) a wager or gaming risk;     (2) loss of an election;     (3) the penal consequences of a crime; or     (4) punitive damages.    Amended by Chapter 204, 1986 General Session
UT Code § 31A-20-102 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 20 - Underwriting Restrictions|Section 102 - Joint underwriting.

31A-20-102. Joint underwriting.    (1) Every group, association, or other organization of insurers that engages in joint underwriting or joint reinsurance shall file with the commissioner:   (a) a copy of its constitution, articles of incorporation, or agreement of association, and its bylaws or rules governing its activities, all certified by the custodian of the originals;     (b) a list of its members; and     (c) the name and address of its resident process agent.       (2) Every group, association, or other organization shall promptly notify the commissioner of every change in its constitution, articles of incorporation, agreement of association, bylaws, rules, its list of members, and its resident process agent.     (3)   (a) If all members of a group of insurers under this section are authorized to do business in Utah, the business done by the group shall be allocated for regulatory purposes to individual members of the group.     (b) The group itself is subject only to:   (i)Chapter 1, General Provisions;     (ii)Chapter 2, Administration of the Insurance Laws;     (iii)Chapter 4, Insurers in General;     (iv)Chapter 20, Underwriting Restrictions;     (v)Chapter 21, Insurance Contracts in General;     (vi)Chapter 22, Contracts in Specific Lines;     (vii)Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries; and     (viii)Chapter 26, Insurance Adjusters.       (c) If any member of the group is not authorized to do business in Utah, the group shall obtain authorization to do business under Chapter 14, Foreign Insurers, and is subject to regulation under that chapter.      Amended by Chapter 340, 2011 General Session
UT Code § 31A-20-103 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 20 - Underwriting Restrictions|Section 103 - Classifications of insurance.

31A-20-103. Classifications of insurance.  The commissioner may by rule define lines and classes of insurance which are not already defined under Section 31A-1-301. These definitions may be used for any purposes within the commissioner's regulatory power, including:  (1) providing instructions for reports and replies under Section 31A-2-202;     (2) controlling combinations of lines or classes of insurance; and     (3) determining which rules under Chapter 22, Contracts in Specific Lines, are applicable.    Amended by Chapter 91, 1987 General Session
UT Code § 31A-20-104 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 20 - Underwriting Restrictions|Section 104 - Combinations of policies.

31A-20-104. Combinations of policies.  Except as otherwise provided in this chapter, the commissioner may by rule establish standards for the combination of different coverages in policies and may specify whether premiums shall be separately stated for each.  Enacted by Chapter 242, 1985 General Session
UT Code § 31A-20-105 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 20 - Underwriting Restrictions|Section 105 - Indemnity agreements for surety corporation.

31A-20-105. Indemnity agreements for surety corporation.  In assessing the financial condition of a surety insurer and its underwriting capacity and limits, the commissioner shall take into account the existence of a systematic underwriting practice of indemnity or security arrangements under Section 31A-22-104.  Enacted by Chapter 242, 1985 General Session