reglab/housing_qa huggingface dataset:
UT Code § 31A-15-212 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 15 - Unauthorized Insurers, Surplus Lines, and Risk Retention Groups|Part 2 - Risk Retention Groups Act|Section 212 - Duty of producers to obtain license -- Risk retention groups -- Purchasing groups.

 Effective 5/10/2016  31A-15-212. Duty of producers to obtain license -- Risk retention groups -- Purchasing groups.    (1) A person may do the following only if the person is licensed as an insurance producer or is exempt from licensure under Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries:   (a) solicit, negotiate, or procure liability insurance in this state from a risk retention group;     (b) solicit, negotiate, or procure liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group; and     (c) solicit, negotiate, or procure liability insurance coverage in this state for any member of a purchasing group under a purchasing group's policy.       (2)   (a) A person may not act or aid in any manner in soliciting, negotiating, or procuring liability insurance in this state for a purchasing group from an authorized insurer or a risk retention group chartered in a state unless that person is licensed as an insurance producer, or is exempt from licensure under Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries.     (b) A person may not act or aid in any manner in soliciting, negotiating, or procuring liability insurance coverage in this state for any member of a purchasing group under a purchasing group's policy unless that person is licensed as an insurance producer, or is exempt from licensure under Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries.     (c) A person may not act or aid in any manner in soliciting, negotiating, or procuring liability insurance from an insurer not authorized to do business in this state on behalf of a purchasing group located in this state unless that person is licensed as a surplus lines producer or excess lines producer or is exempt from licensure under Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries.       (3) For purposes of acting as a producer for a risk retention group or purchasing group pursuant to Subsections (1) and (2), the requirement of residence in this state does not apply.     (4) A person licensed pursuant to Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries, on business placed with a risk retention group or written through a purchasing group, shall inform each prospective insured of the provisions of the notice required by Subsection 31A-15-204(7) in the case of a purchasing group.    Amended by Chapter 138, 2016 General Session
UT Code § 31A-15-213 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 15 - Unauthorized Insurers, Surplus Lines, and Risk Retention Groups|Part 2 - Risk Retention Groups Act|Section 213 - Effect of orders issued in U.S. District Court.

31A-15-213. Effect of orders issued in U.S. District Court.  An order issued by any district court of the United States shall be enforceable in the courts of this state to enjoin a risk retention group from soliciting or selling insurance, or operating in any state, in all states, or in any territory or possession of the United States, upon a finding that the group is in hazardous financial condition or financially impaired condition.  Enacted by Chapter 258, 1992 General Session
UT Code § 31A-15-213.5 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 15 - Unauthorized Insurers, Surplus Lines, and Risk Retention Groups|Part 2 - Risk Retention Groups Act|Section 213.5 - Rulemaking.

 Effective 5/10/2016  31A-15-213.5. Rulemaking.  In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissioner may make and from time to time amend rules relating to risk retention groups as may be necessary or desirable to carry out this part. Enacted by Chapter 138, 2016 General Session
UT Code § 31A-15-214 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 15 - Unauthorized Insurers, Surplus Lines, and Risk Retention Groups|Part 2 - Risk Retention Groups Act|Section 214 - Severability.

31A-15-214. Severability.  If any provision of this part, or the application of any provision to any person or circumstances, is held invalid, the remainder of this part shall be given effect without the invalid provision or application.  Enacted by Chapter 258, 1992 General Session
UT Code § 31A-17-101 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 1 - General Provisions|Section 101 - Scope.

31A-17-101. Scope.  Except as otherwise provided under this code, this chapter and the rules adopted to implement it apply to all insurers, including reinsurers, authorized to do business in this state.  Enacted by Chapter 242, 1985 General Session
UT Code § 31A-17-102 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 1 - General Provisions|Section 102 - Standards for accounting rules.

31A-17-102. Standards for accounting rules.  When adopting accounting rules, the commissioner shall consider recommendations made by the National Association of Insurance Commissioners. Accounting rules shall follow generally accepted accounting principles, except as modified by statutory insurance accounting principles.  Enacted by Chapter 242, 1985 General Session
UT Code § 31A-17-201 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 2 - Qualified Assets|Section 201 - Qualified assets.

31A-17-201. Qualified assets.    (1) Except as provided under Subsections (3) and (4), only the qualified assets listed in Subsection (2) may be used in determining the financial condition of an insurer, except to the extent an insurer has shown to the commissioner that the insurer has excess surplus, as defined in Section 31A-1-301.     (2) For purposes of Subsection (1), "qualified assets" means:   (a) any of the following acquired or held in accordance with Sections 31A-18-105 and 31A-18-106:   (i) an investment;     (ii) a security;     (iii) property; or     (iv) a loan;       (b) the income due and accrued on an asset listed in Subsection (2)(a);     (c) assets other than an asset listed in Subsection (2)(a) that are determined to be admitted in the Accounting Practices and Procedures Manual, published by the National Association of Insurance Commissioners; and     (d) other assets authorized by the commissioner by rule.       (3)   (a) Subject to Subsection (5) and even if the assets could not otherwise be counted under this chapter, assets acquired in the bona fide enforcement of creditors' rights may be counted for the purposes of Subsection (1) and Sections 31A-18-105 and 31A-18-106:   (i) for five years after the acquisition of the assets if the assets are real property; and     (ii) for one year if the assets are not real property.       (b)   (i) The commissioner may allow reasonable extensions of the periods described in Subsection (3)(a), if disposal of the assets within the periods given is not possible without substantial loss.     (ii) Extensions under Subsection (3)(b)(i) may not, as to any particular asset, exceed a total of five years.         (4) Subject to Subsection (5), and even though under this chapter the assets could not otherwise be counted, assets acquired in connection with mergers, consolidations, or bulk reinsurance, or as a dividend or distribution of assets, may be counted for the same purposes, in the same manner, and for the same periods as assets acquired under Subsection (3).     (5) Assets described under Subsection (3) or (4) may not be counted for the purposes of Subsection (1), except to the extent they are counted as assets in determining insurer solvency under the laws of the state of domicile of the creditor or acquired insurer.    Amended by Chapter 252, 2003 General Session
UT Code § 31A-17-202 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 2 - Qualified Assets|Section 202 - Status of assets that are not "qualified assets."

31A-17-202. Status of assets that are not "qualified assets."    (1)   (a) Except as provided in Subsection (1)(b), if an insurer owns assets that are not qualified assets under Section 31A-17-201, the assets shall be disregarded in determining and reporting the financial condition of the insurer.     (b) An insurer may invest its funds in investments that are permitted under Section 31A-18-105 but in excess of the limits under Sections 31A-18-103 and 31A-18-106 or other assets approved by the commissioner and these assets may be recognized and reported in the financial condition of the insurer to the extent the insurer has excess surplus, as defined under Section 31A-1-301.       (2) Insurers bear the burden of establishing the extent to which they have excess surplus.    Amended by Chapter 131, 1999 General Session
UT Code § 31A-17-203 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 2 - Qualified Assets|Section 203 - Encumbering of assets.

31A-17-203. Encumbering of assets.    (1) No domestic insurer may pledge, hypothecate, or otherwise encumber its assets to secure the debt, guaranty, or obligation of any other person. This prohibition does not apply to obligations of the insurer under surety bonds or insurance contracts issued in the regular course of business.     (2) No domestic insurer may pledge, hypothecate, or otherwise encumber its assets in an amount in excess of the amount of its capital and surplus, without the prior written consent of the commissioner.     (3) The commissioner may grant a domestic insurer an exception to Subsection (2) for a reinsurance agreement which may cause assets of the domestic insurer to be held, deposited, pledged, hypothecated, or otherwise encumbered in an amount in excess of capital and surplus to secure, offset, protect, or meet reserves or liabilities of the insurer that are established, incurred, or required under the provisions of the reinsurance agreement. The domestic insurer shall first file with the commissioner a written request for this exception, accompanied by a copy of the proposed reinsurance agreement and specifically stating its purpose and the reasons the exception should be granted.     (4) Any person that accepts a pledge, hypothecation, or encumbrance of any asset of an insurer not in accordance with the terms and limitations of this section is considered to have accepted that asset subject to a superior, preferential, and perfected lien in favor of owners, beneficiaries, assignees, certificate holders, or third party claimants or beneficiaries of any insurance benefit or right arising out of and within the coverage of any insurance policy issued by the insurer. The commissioner may bring or participate in an action in any court of competent jurisdiction to protect the interests of insureds or claimants under this section.    Enacted by Chapter 204, 1986 General Session
UT Code § 31A-17-404.1 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 4 - Valuation and Reserves|Section 404.1 - Asset or reduction from liability for reinsurance ceded by a domestic insurer to other assuming insurers.

 Effective 5/10/2016  31A-17-404.1. Asset or reduction from liability for reinsurance ceded by a domestic insurer to other assuming insurers.    (1)   (a) An asset or a reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer that does not meet the requirements of Section 31A-17-404 is allowed in an amount not exceeding the liabilities carried by the ceding insurer.     (b) A reduction described in Subsection (1)(a) shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer:   (i) that are held:   (A) under a reinsurance contract with the assuming insurer; and     (B) as security for the payment of obligations under the reinsurance contract; and       (ii) if the security is held:   (A) in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or     (B) in the case of a trust, in a qualified United States financial institution.           (2) Security described in Subsection (1) may be in the form of:   (a) cash;     (b) a security:   (i) listed by the Securities Valuation Office of the National Association of Insurance Commissioners, including those considered exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office; and     (ii) qualifying as an admitted asset;       (c) subject to Subsection (3), a clean, irrevocable, unconditional letter of credit, issued or confirmed by a qualified United States financial institution:   (i) effective no later than December 31 of the year for which the filing is being made; and     (ii) in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement; or       (d) another form of security acceptable to the commissioner.       (3) Notwithstanding an issuing or confirming institution's subsequent failure to meet an applicable standard of acceptability, a letter of credit described in Subsection (2) that meets the applicable standards of issuer acceptability as of the day on which it is issued or confirmed shall continue to be acceptable as security until the sooner of the day on which the letter of credit expires, is extended, is renewed, is modified, or is amended.    Amended by Chapter 138, 2016 General Session
UT Code § 31A-17-404.4 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 4 - Valuation and Reserves|Section 404.4 - Transition -- Application to reinsurance agreement.

31A-17-404.4. Transition -- Application to reinsurance agreement.  The amendments to this part made in Laws of Utah 2008, Chapter 257, apply to a cession made on or after July 1, 2008 under a reinsurance contract that has an inception, anniversary, or renewal date no sooner than January 1, 2009.  Enacted by Chapter 257, 2008 General Session
UT Code § 31A-17-405 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 4 - Valuation and Reserves|Section 405 - Fraternal rates and reserves.

31A-17-405. Fraternal rates and reserves.    (1) A fraternal may be organized for the transaction of business on a plan set forth in the contract which provides for sufficient contributions by each member each year to pay the member's share of the actual death claims of the year, through advance payments graded according to a mortality table approved by the commissioner, without any reserve, or with a reserve which may accumulate from overpayments of individual members. If this type of reserve does accumulate, each member shall be informed each year of the member's credit and of the cost of the member's insurance.     (2) Each fraternal shall collect regular premiums for each coverage it provides at adequate rates that are approved by the commissioner or conform to standards set by rules adopted by the commissioner.     (3) The reserves of a fraternal are subject to the same requirements as those of Chapter 5, Domestic Stock and Mutual Insurance Corporations, insurers writing the same coverages, except that the commissioner may authorize the use of suitable fraternal mortality tables or other appropriate tables instead of the tables used by Chapter 5, Domestic Stock and Mutual Insurance Corporations, insurers.    Enacted by Chapter 242, 1985 General Session
UT Code § 31A-17-406 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 4 - Valuation and Reserves|Section 406 - Adjustment of reserves.

31A-17-406. Adjustment of reserves.  The commissioner may order an insurer to adjust its reserves so the reserves bear a reasonable actuarial relationship to the insurer's obligations.  Enacted by Chapter 242, 1985 General Session
UT Code § 31A-17-407 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 4 - Valuation and Reserves|Section 407 - Accounting for repurchased shares.

31A-17-407. Accounting for repurchased shares.  When a corporation acquires its own shares under Section 31A-5-306 or in any other way, the acquired shares are accounted as a deduction from capital and not as assets.  Enacted by Chapter 242, 1985 General Session
UT Code § 31A-17-408 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 4 - Valuation and Reserves|Section 408 - Title insurance reserves.

31A-17-408. Title insurance reserves.    (1) In addition to an adequate reserve for outstanding losses, a title insurance company shall either:   (a) maintain and segregate an unearned premium reserve fund of not less than 10 cents for each $1,000 face amount of retained liability under each title insurance contract or policy on a single insurance risk issued; or     (b) have the commissioner review and approve a contract of reinsurance applicable to the title insurance company's policies, which contract adequately covers the exposure or risk which the unearned premium reserve would serve.       (2) The fund shall be maintained for the protection of policyholders and is not subject to the claims of stockholders or creditors other than policyholders.    Amended by Chapter 116, 2001 General Session
UT Code § 31A-17-502 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 502 - Reserve valuation.

 Effective 5/10/2016  31A-17-502. Reserve valuation.    (1) The following apply to a policy or contract issued before the operative date of the valuation manual:   (a) The commissioner shall annually value, or cause to be valued, the reserve liabilities, also called "reserves" in this part, for outstanding life insurance policies and annuity and pure endowment contracts, of every life insurance company doing business in this state, issued before the operative date of the valuation manual. In calculating the reserves, the commissioner may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves required in this part of any foreign or alien company, the commissioner may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when such valuation complies with the minimum standard provided in this part.     (b)   (i) Sections 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 apply to a policy or contract, as appropriate, subject to this part issued before the operative date of the valuation manual.     (ii) Sections 31A-17-514 and 31A-17-515 do not apply to a policy or contract described in Subsection (1)(b)(i).         (2) The following apply to a policy or contract issued on or after the operative date of the valuation manual:   (a) The commissioner shall annually value, or cause to be valued, the reserve liabilities, also called "reserves" in this part, for an outstanding life insurance contract, annuity and pure endowment contract, accident and health contract, and deposit-type contract of every company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserve liabilities required of a foreign or alien company, the commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this part.     (b) Sections 31A-17-514 and 31A-17-515 apply to a policy or contract issued on or after the operative date of the valuation manual.      Amended by Chapter 163, 2016 General Session
UT Code § 31A-17-508 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 508 - Reserve valuation method -- Annuity and pure endowment benefits.

31A-17-508. Reserve valuation method -- Annuity and pure endowment benefits.    (1) This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under Section 408, Internal Revenue Code.     (2) Reserves according to the commissioner's annuity reserve method for benefits under annuity or pure endowment contracts, excluding any accident and health and accidental death benefits in such contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by such contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of such contract, that become payable prior to the end of such respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in such contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of such contracts to determine nonforfeiture values.    Amended by Chapter 116, 2001 General Session
UT Code § 31A-17-509 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 17 - Determination of Financial Condition|Part 5 - Standard Valuation Law|Section 509 - Minimum reserves.

 Effective 5/10/2016  31A-17-509. Minimum reserves.    (1) In no event shall a company's aggregate reserves for life insurance policies, excluding accident and health and accidental death benefits, issued on or after January 1, 1994, be less than the aggregate reserves calculated in accordance with the methods set forth in Sections 31A-17-507, 31A-17-508, 31A-17-511, and 31A-17-512 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for such policies.     (2) In no event shall the aggregate reserves for policies, contracts, and benefits be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by Section 31A-17-503.    Amended by Chapter 163, 2016 General Session