Utah Code 31A-14-212. Changes in business plan

(1)

Within two years after the initial issuance of a certificate of authority to a foreign insurer by its domiciliary jurisdiction, the insurer may not substantially deviate from its business plan under Subsection 31A-14-201(2)(b)(xii) unless notice of the proposed action is filed with the commissioner 30 days in advance of the proposed effective date.

Terms Used In Utah Code 31A-14-212

Application: means a document:

(a)

(i)	completed by an applicant to provide information about the risk to be insured; and

(ii)

that contains information that is used by the insurer to evaluate risk and decide whether to:

(A)

insure the risk under:

(I)	the coverage as originally offered; or

(II)	a modification of the coverage as originally offered; or

(B)	decline to insure the risk; or

(b)

used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301

Business plan: means the information required to be supplied to the commissioner under Subsections 31A-5-204(2)(i) and (j), including the information required when these subsections apply by reference under:

(a)	Section 31A-8-205; or

(b)

Subsection 31A-9-205(2). See Utah Code 31A-1-301

Certificate: means evidence of insurance given to:

(a)	an insured under a group insurance policy; or

(b)

a third party. See Utah Code 31A-1-301

Filed: means that a filing is:

(i)	submitted to the department as required by and in accordance with applicable statute, rule, or filing order;

(ii)	received by the department within the time period provided in applicable statute, rule, or filing order; and

(iii)

accompanied by the appropriate fee in accordance with:

(A)	Section 31A-3-103; or

(B)

rule. See Utah Code 31A-1-301

Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301

Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.

Order: means an order of the commissioner. See Utah Code 31A-1-301

(2)

If the commissioner believes that the change proposed under Subsection (1) would be contrary to Utah law or to the interests of insureds, creditors, or the public, he may prohibit the application of the change to Utah. In his prohibitory order he shall explain why he has prohibited the change.

(3)	If the commissioner finds after a hearing that the application of the proposed change outside Utah would endanger the interests of insureds, creditors, or the public in Utah, the commissioner may revoke the insurer’s certificate of authority unless the insurer agrees not to make the change.

Amended by Chapter 116, 2001 General Session

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