48-4-402.  Availability of annual benefit report.

(1)  Each year, a benefit company shall send the benefit report described in Section 48-4-401 to each member:

(a)  within 120 days after the day on which the benefit company’s fiscal year ends; or

(b)  the day on which the benefit company delivers any other annual report to the benefit company’s members.

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(2) 

(a)  Within five days after the day on which a benefit company sends a benefit report to each member in accordance with Subsection (1), the benefit company shall:

(i)  subject to Subsection (2)(b), post a copy of the benefit report on a public portion of the benefit company’s website; and

(ii)  deliver a copy of the benefit report to the division for filing.

(b)  If a benefit company does not have a website, the benefit company shall provide a copy of the benefit report, without charge, to any person who requests a copy.

(c)  The benefit company may omit any financial or proprietary information from a copy of a benefit report described in Subsection (2)(a) or (b).

(d)  The division may charge a fee established by the division in accordance with Section 63J-1-504 for filing an annual benefit report in accordance with this section.

Enacted by Chapter 201, 2018 General Session