reglab/housing_qa huggingface dataset:
UT Code § 31A-17-510 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 510 - Optional reserve calculation.

 Effective 5/10/2016  31A-17-510. Optional reserve calculation.    (1) Reserves for policies and contracts issued before January 1, 1994, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for such policies and contracts than the minimum reserves required by the laws in effect immediately before that date. Reserves for any category of policies, contracts, or benefits as established by the commissioner, issued on or after January 1, 1994, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for such category than those calculated according to the minimum standard provided in this part, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, may not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policy or contract.     (2) Any such company which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this part may, with the approval of the commissioner, adopt any lower standard of valuation, but not lower than the minimum provided in this part, except that, for the purposes of this section, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by Section 31A-17-503 may not be considered to be the adoption of a higher standard of valuation.    Amended by Chapter 163, 2016 General Session
UT Code § 31A-17-511 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 511 - Reserve calculation -- Valuation net premium exceeding the gross premium charged.

 Effective 5/10/2016  31A-17-511. Reserve calculation -- Valuation net premium exceeding the gross premium charged.    (1) If in any contract year the gross premium charged by any company on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for such policy or contract shall be the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for such policy or contract, or the reserve calculated by the method actually used for such policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section are those standards stated in Sections 31A-17-504 and 31A-17-506.     (2) Provided that for any life insurance policy issued on or after January 1, 1997, for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for such excess and which provides an endowment benefit or a cash surrender value or a combination of an endowment benefit and cash surrender value in an amount greater than such excess premium, this section shall be applied as if the method actually used in calculating the reserve for such policy were the method described in Section 31A-17-507, ignoring Subsection 31A-17-507(2). The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with Section 31A-17-507, including Subsection 31A-17-507(2), and the minimum reserve calculated in accordance with this section.    Amended by Chapter 163, 2016 General Session
UT Code § 31A-17-512 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 512 - Reserve calculation -- Indeterminate premium plans.

 Effective 5/12/2015  31A-17-512. Reserve calculation -- Indeterminate premium plans.  In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance or annuity which is of such a nature that the minimum reserves cannot be determined by the methods described in Sections 31A-17-507, 31A-17-508, and 31A-17-511, the reserves which are held under any such plan shall:  (1) be appropriate in relation to the benefits and the pattern of premiums for that plan; and     (2) be computed by a method which is consistent with the principles of this part, as determined by rules promulgated by the commissioner.    Amended by Chapter 258, 2015 General Session
UT Code § 31A-17-513 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 513 - Minimum standards for accident and health insurance contracts.

 Effective 5/10/2016  31A-17-513. Minimum standards for accident and health insurance contracts.    (1) For an accident and health insurance contract issued before the operative date of the valuation manual, the minimum standard of valuation is the standard adopted by the commissioner by rule.     (2) For an accident and health insurance contract issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under Subsection 31A-17-502(2).    Repealed and Re-enacted by Chapter 163, 2016 General Session
UT Code § 31A-17-515 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 515 - Requirements of a principle-based valuation.

 Effective 5/10/2016  31A-17-515. Requirements of a principle-based valuation.    (1) A company shall establish reserves using a principle-based valuation that meets the following conditions for a policy or contract as specified in the valuation manual:   (a) A company shall quantify the benefits and guarantees, and the funding, associated with the policy or contract and the policy's or contract's risks at a level of conservatism that reflects:   (i) conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the policies or contracts; and     (ii) for polices or contracts with significant tail risk, conditions appropriately adverse to quantify the tail risk.       (b) The company shall incorporate assumptions, risk analysis methods, and financial models and management techniques that are consistent with, but not necessarily identical to, those used within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods.     (c) The company shall incorporate assumptions that are derived in one of the following manners:   (i) the assumption is prescribed in the valuation manual; and     (ii) for assumptions that are not prescribed, the assumptions shall:   (A) be established using the company's available experience, to the extent it is relevant and statistically credible; or     (B) to the extent that company data is not available, relevant, or statistically credible, be established using other relevant, statistically credible experience.         (d) The company shall provide margins for uncertainty including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve.       (2) A company using a principle-based valuation for one or more policies or contracts subject to this section as specified in the valuation manual shall:   (a) establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;     (b) provide to the commissioner and the board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation:   (i) which controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to such valuation are included in the valuation, and that valuations are made in accordance with the valuation manual; and     (ii) the certification shall be based on the controls in place as of the end of the preceding calendar year; and       (c) develop, and file with the commissioner upon request, a principle-based valuation report that complies with standards prescribed in the valuation manual.       (3) A principle-based valuation may include a prescribed formulaic reserve component.    Enacted by Chapter 163, 2016 General Session
UT Code § 31A-17-516 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 516 - Experience reporting for policies in force on or after the operative date of the valuation manual.

 Effective 5/10/2016  31A-17-516. Experience reporting for policies in force on or after the operative date of the valuation manual.  A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual. Enacted by Chapter 163, 2016 General Session
UT Code § 31A-17-518 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 518 - Single state exemption.

 Effective 5/10/2016  31A-17-518. Single state exemption.    (1) The commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in Utah from the requirements of Section 31A-17-514 provided:   (a) the commissioner has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and     (b) the company computes reserves using assumptions and methods used before the operative date of the valuation manual in addition to any requirements established by the commissioner and made by rule.       (2) For any company granted an exemption under this section, Sections 31A-17-503, 31A-17-504, 31A-17-505, 31A-17-506, 31A-17-507, 31A-17-508, 31A-17-509, 31A-17-510, 31A-17-511, 31A-17-512, and 31A-17-513 are applicable. With respect to any company applying this exemption, any reference to Section 31A-17-514 found in Sections 31A-17-503, 31A-17-504, 31A-17-505, 31A-17-506, 31A-17-507, 31A-17-508, 31A-17-509, 31A-17-510, 31A-17-511, 31A-17-512, and 31A-17-513 is not applicable.    Enacted by Chapter 163, 2016 General Session
UT Code § 31A-17-519 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 519 - Small company exemption.

 Effective 5/14/2019  31A-17-519. Small company exemption.    (1) A company that is licensed and doing business in Utah, and whose reserves are computed subject to the requirements of Subsection 31A-17-502(2), in lieu of the reserves required under Sections 31A-17-514 and 31A-17-515, may hold reserves for ordinary life insurance policies issued directly, or assumed, during the current calendar year, based on the mortality tables and interest rates defined by the valuation manual for net premium reserves and using the methodology defined in Sections 31A-17-507 through 31A-17-512 as they apply to ordinary life insurance, provided that all of the following conditions have been met:   (a) the company has less than $300,000,000 of ordinary life premium;     (b) if the company is a member of a group of life insurers, the group has combined ordinary life premiums of less than $600,000,000;     (c) the appointed actuary has provided an unqualified opinion on the reserves in accordance with Subsection 31A-17-503(2) for the prior calendar year;     (d) any universal life policy with a secondary guarantee issued on or after January 1, 2020, and in force on the company's annual financial statement for the current calendar year-end valuation date, only has secondary guarantees that meets the definition of a non material secondary guarantee as defined in the valuation manual;     (e) the company has filed by July 1 of the calendar year for which valuation under Subsection 31A-17-502(2) is required a statement with its domiciliary commissioner certifying that these conditions are met and that the company intends to calculate reserves as described in this section; and     (f) the company's domiciliary commissioner has not informed the company in writing before September 1 of the calendar year for which valuation under Subsection 31A-17-502(2) is required that the company must comply with the valuation manual requirements for life insurance reserves.       (2) For purposes of Subsections (1)(a) and (b), ordinary life premiums are measured as direct premium plus reinsurance assumed from an unaffiliated company, as reported in the prior calendar year annual statement, excluding premiums for guaranteed issue policies and pre-need life contracts and excluding amounts that represent the transfer of reserves in-force as of the effective date of a reinsurance assumed transaction.    Amended by Chapter 193, 2019 General Session
UT Code § 31A-17-601 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 6 - Risk-Based Capital|Section 601 - Definitions.

 Effective 5/12/2020  31A-17-601. Definitions.  As used in this part:  (1) "Adjusted RBC report" means an RBC report that has been adjusted by the commissioner in accordance with Subsection 31A-17-602(5).     (2) "Corrective order" means an order issued by the commissioner specifying corrective action that the commissioner determines is required.     (3) "Health organization" means:   (a) an entity that is authorized under Chapter 7, Nonprofit Health Service Insurance Corporations, or Chapter 8, Health Maintenance Organizations and Limited Health Plans; and     (b) that is:   (i) a health maintenance organization;     (ii) a limited health service organization;     (iii) a dental or vision plan;     (iv) a hospital, medical, and dental indemnity or service corporation; or     (v) other managed care organization.         (4) "Life or accident and health insurer" means:   (a) an insurance company licensed to write life insurance, disability insurance, or both; or     (b) a licensed property casualty insurer writing only disability insurance.       (5) "Property and casualty insurer" means any insurance company licensed to write lines of insurance other than life but does not include a monoline mortgage guaranty insurer, financial guaranty insurer, or title insurer.     (6) "RBC" means risk-based capital.     (7) "RBC instructions" means the RBC report including the National Association of Insurance Commissioner's risk-based capital instructions that govern the year for which an RBC report is prepared.     (8) "RBC level" means an insurer's or health organization's authorized control level RBC, company action level RBC, mandatory control level RBC, or regulatory action level RBC.   (a) "Authorized control level RBC" means the number determined under the risk-based capital formula in accordance with the RBC instructions;     (b) "Company action level RBC" means the product of 2.0 and its authorized control level RBC;     (c) "Mandatory control level RBC" means the product of .70 and the authorized control level RBC; and     (d) "Regulatory action level RBC" means the product of 1.5 and its authorized control level RBC.       (9)   (a) "RBC plan" means a comprehensive financial plan containing the elements specified in Subsection 31A-17-603(2).     (b) Notwithstanding Subsection (9)(a), the plan is a "revised RBC plan" if:   (i) the commissioner rejects the RBC plan; and     (ii) the plan is revised by the insurer or health organization, with or without the commissioner's recommendation.         (10) "RBC report" means the report required in Section 31A-17-602.    Amended by Chapter 32, 2020 General Session
UT Code § 31A-17-606 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 6 - Risk-Based Capital|Section 606 - Mandatory control level event.

31A-17-606. Mandatory control level event.    (1) "Mandatory control level event" means any of the following events:   (a) the filing of an RBC report that indicates that the insurer's or health organization's total adjusted capital is less than its mandatory control level RBC;     (b) notification by the commissioner to the insurer or health organization of an adjusted RBC report that indicates the event in Subsection (1)(a), provided the insurer or health organization does not challenge the adjusted RBC report under Section 31A-17-607; or     (c) if, pursuant to Section 31A-17-607, the insurer or health organization challenges an adjusted RBC report that indicates the event in Subsection (1)(a), notification by the commissioner to the insurer or health organization that after a hearing the commissioner rejects the insurer's or health organization's challenge.       (2)   (a) In the event of a mandatory control level event with respect to an insurer or health organization, the commissioner shall take any actions necessary to place the insurer under regulatory control under Chapter 27, Part 5, Administrative Actions.     (b) The mandatory control level event is sufficient grounds for the commissioner to take action under Chapter 27, Part 5, Administrative Actions, and the commissioner shall have the rights, powers, and duties with respect to the insurer or health organization as are set forth in Chapter 27, Part 5, Administrative Actions.     (c) If the commissioner takes an action pursuant to an adjusted RBC report, the insurer or health organization is entitled to the protections of Section 31A-27-504 pertaining to summary proceedings.     (d) Notwithstanding the other provisions of Subsection (2), the commissioner may forego action for up to 90 days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the 90-day period.      Amended by Chapter 309, 2007 General Session
UT Code § 31A-17-607 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 6 - Risk-Based Capital|Section 607 - Hearings.

 Effective 5/13/2014  31A-17-607. Hearings.    (1)   (a) Following receipt of a notice described in Subsection (2), the insurer or health organization shall have the right to a confidential departmental hearing at which the insurer or health organization may challenge a determination or action by the commissioner.     (b) The insurer or health organization shall notify the commissioner of its request for a hearing within five days after the notification by the commissioner under Subsection (2).     (c) Upon receipt of the insurer's or health organization's request for a hearing, the commissioner shall set a date for the hearing, which date shall be no less than 10 nor more than 30 days after the date of the insurer's or health organization's request.       (2) An insurer or health organization has the right to a hearing under Subsection (1) after:   (a) notification to an insurer or health organization by the commissioner of an adjusted RBC report;     (b) notification to an insurer or health organization by the commissioner that:   (i) the insurer's or health organization's RBC plan or revised RBC plan is unsatisfactory; and     (ii) the notification constitutes a regulatory action level event with respect to the insurer or health organization;       (c) notification to any insurer or health organization by the commissioner that the insurer or health organization has failed to adhere to its RBC plan or revised RBC plan and that the failure has substantial adverse effect on the ability of the insurer or health organization to eliminate the company action level event with respect to the insurer or health organization in accordance with its RBC plan or revised RBC plan; or     (d) notification to an insurer or health organization by the commissioner of a corrective order with respect to the insurer or health organization.      Amended by Chapter 290, 2014 General SessionAmended by Chapter 300, 2014 General Session
UT Code § 31A-17-608 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 6 - Risk-Based Capital|Section 608 - Confidentiality -- Prohibition on announcements -- Prohibition on use in ratemaking.

31A-17-608. Confidentiality -- Prohibition on announcements -- Prohibition on use in ratemaking.    (1)   (a) The commissioner shall keep confidential to the extent that information in a report or plan is not required to be included in a publicly available annual statement schedule, any detail in an RBC report or RBC plan including the results or report of any examination or analysis of an insurer or health organization performed pursuant to this part, that is filed by a domestic or foreign insurer or health organization with the commissioner or any corrective order issued by the commissioner pursuant to examination or analysis.     (b) Information kept confidential under Subsection (1)(a) may not be made public or be subject to subpoena, other than by the commissioner and then only for the purpose of enforcement actions taken by the commissioner pursuant to this part or any other provision of the insurance laws of this state.       (2)   (a) Except as otherwise required under this part, any insurer or health organization, producer, or other person engaged in any manner in the insurance business may not publish, disseminate, circulate or place before the public, or cause, directly or indirectly, the publishing, disseminating, circulating or placing before the public including, in a newspaper, magazine, other publication, a notice, circular, pamphlet, letter, or poster, or over any radio or television station, an advertisement, announcement, or statement containing an assertion, representation, or statement with regard to the RBC levels of any insurer or health organization, or of any component derived in the calculation.     (b) If any materially false statement with respect to the comparison regarding an insurer's or health organization's total adjusted capital to its RBC levels, or an inappropriate comparison of any other amount to the insurer's or health organization's RBC levels is published in any written publication and the insurer or health organization is able to demonstrate to the commissioner with substantial proof the falsity of the statement or the inappropriateness, the insurer or health organization may publish an announcement in a written publication if the sole purpose of the announcement is to rebut the materially false statement or inappropriate comparison.       (3) The commissioner may not use an RBC instruction, report, plan, or revised plan:   (a) for ratemaking;     (b) as evidence in any rate proceeding; or     (c) to calculate or derive any element of an appropriate premium level or rate of return for any line of insurance or coverage that an insurer or health organization or any affiliate is authorized to write or cover.      Amended by Chapter 298, 2003 General Session