Utah Code 31A-8-211. Deposit
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(1) Except as provided in Subsection (2), each health maintenance organization authorized in this state shall maintain a deposit with the commissioner under Section 31A-2-206 in an amount equal to the sum of:
Terms Used In Utah Code 31A-8-211
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Filed: means that a filing is:(69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;(69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and(69)(a)(iii) accompanied by the appropriate fee in accordance with:(69)(a)(iii)(A) Section
31A-3-103 ; or(69)(a)(iii)(B) rule. See Utah Code 31A-1-301- Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment:
(83)(a) a professional service;(83)(b) a personal service;(83)(c) a facility;(83)(d) equipment;(83)(e) a device;(83)(f) supplies; or(83)(g) medicine. See Utah Code 31A-1-301- minimum required capital: means the capital that must be constantly maintained by a stock insurance corporation as required by statute. See Utah Code 31A-1-301
- Permanent surplus: means the surplus of an insurer or organization that is designated by the insurer or organization as permanent. See Utah Code 31A-1-301
- Premium: includes , however designated:
(156)(b)(i) an assessment;(156)(b)(ii) a membership fee;(156)(b)(iii) a required contribution; or(156)(b)(iv) monetary consideration. See Utah Code 31A-1-301- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
(1)(a) $100,000; and(1)(b) 50% of the greater of:(1)(b)(i) $900,000;(1)(b)(ii) 2% of the annual premium revenues as reported on the most recent annual financial statement filed with the commissioner; or(1)(b)(iii) an amount equal to the sum of three months uncovered health care expenditures as reported on the most recent financial statement filed with the commissioner.(2)(2)(a) The commissioner may exempt a health maintenance organization from the deposit requirement of Subsection (1) if:(2)(a)(i) the commissioner determines that the enrollees’ interests are adequately protected;(2)(a)(ii) the health maintenance organization has been continuously authorized to do business in this state for at least five years; and(2)(a)(iii) the health maintenance organization has $5,000,000 surplus in excess of the health maintenance organization’s company action level RBC as defined in Subsection 31A-17-601(8)(b).(2)(b) The commissioner may rescind an exemption given under Subsection (2)(a).(3)(3)(a) Each limited health plan authorized in this state shall maintain a deposit with the commissioner under Section 31A-2-206 in an amount equal to the minimum capital or permanent surplus plus 50% of the greater of:(3)(a)(i) .5 times minimum required capital or minimum permanent surplus; or(3)(a)(ii)(3)(a)(ii)(A) during the first year of operation, 10% of the limited health plan’s projected uncovered expenditures for the first year of operation;(3)(a)(ii)(B) during the second year of operation, 12% of the limited health plan’s projected uncovered expenditures for the second year of operation;(3)(a)(ii)(C) during the third year of operation, 14% of the limited health plan’s projected uncovered expenditures for the third year of operation;(3)(a)(ii)(D) during the fourth year of operation, 18% of the limited health plan’s projected uncovered expenditures during the fourth year of operation; or(3)(a)(ii)(E) during the fifth year of operation, and during all subsequent years, 20% of the limited health plan’s projected uncovered expenditures for the previous 12 months.(3)(b) Projections of future uncovered expenditures shall be established in a manner that is approved by the commissioner.(4) A deposit required by this section may be counted toward the minimum capital or minimum permanent surplus required under Section 31A-8-209. - Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment: