Utah Code 31A-16b-108. Penalties
Current as of: 2023 | Check for updates
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| (1) | An insurer or insurance group that, without just cause, fails to timely file a corporate governance annual disclosure as required in this chapter shall, after notice and hearing, pay a penalty of $10,000 for each day’s delay, up to $300,000. |
| (i) | a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; |
| (ii) | a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and |
| (iii) | a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 |
| (2) | Any penalty recovered by the commissioner under this section shall be deposited into the General Fund. |
| (3) | The commissioner may reduce a penalty under this section if the insurer or insurance group demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer. |
Enacted by Chapter 193, 2019 General Session