The commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in Utah from the requirements of Section 31A-17-514 provided:
Terms Used In Utah Code 31A-17-518
Company: means an entity that:
(i)
has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in this state and has at least one such policy in force or on claim; or
(ii)
has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state. See Utah Code 31A-17-501
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
Valuation manual: means the manual of valuation instructions adopted in accordance with Section 31A-17-514. See Utah Code 31A-17-501
the commissioner has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and
(b)
the company computes reserves using assumptions and methods used before the operative date of the valuation manual in addition to any requirements established by the commissioner and made by rule.
