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
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
Any foreign insurer or health organization shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the most recent calendar year by the later of:
(i)
the date an RBC report would be required to be filed by a domestic insurer or health organization under this part; or
(ii)
15 days after the request is received by the foreign insurer or health organization.
(b)
Any foreign insurer or health organization shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state.
(2)
(a)
The commissioner may require a foreign insurer or health organization to file an RBC plan with the commissioner if:
(i)
there is a company action level event, regulatory action level event, or authorized control level event with respect to the foreign insurer or health organization as determined under:
(A)
the RBC statute applicable in the state of domicile of the insurer or health organization; or
(B)
if no RBC statute is in force in that state, under this part; and
(ii)
the insurance commissioner of the state of domicile of the foreign insurer or health organization fails to require the foreign insurer or health organization to file an RBC plan in the manner specified under:
(A)
that state’s RBC statute; or
(B)
if no RBC statute is in force in that state, under Section 31A-17-603.
(b)
If the commissioner requires a foreign insurer or health organization to file an RBC plan, the failure of the foreign insurer or health organization to file the RBC plan with the commissioner is grounds to order the insurer or health organization to cease and desist from writing new insurance business in this state.
(3)
The commissioner may make application to the Third District Court for Salt Lake County permitted under Section 31A-27a-901 with respect to the liquidation of property of a foreign insurer or health organization found in this state if:
(a)
a mandatory control level event occurs with respect to any foreign insurer or health organization; and
(b)
no domiciliary receiver has been appointed with respect to the foreign insurer or health organization under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer or health organization.
