Utah Code 31A-27a-116. Financial reporting

31A-27a-116. Financial reporting.

(1)

Terms Used In Utah Code 31A-27a-116

Affected guaranty association: means a guaranty association that is or may become liable for payment of a covered claim. See Utah Code 31A-27a-102
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
Guaranty association: means :

(a)	a mechanism mandated by Chapter 28, Guaranty Associations; or

(b)

a similar mechanism in another state that is created for the payment of claims or continuation of policy obligations of a financially impaired or insolvent insurer. See Utah Code 31A-27a-102

insurer: means a person who:

(a)	is doing, has done, purports to do, or is licensed to do the business of insurance;

(b)	is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or

(c)

is included under Section 31A-27a-104. See Utah Code 31A-27a-102

Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

Liabilities: is a s defined by and is measured in accordance with the National Association of Insurance Commissioner's Statements of Statutory Accounting Principles, as incorporated in this state by rules made by the department in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, for the purposes of Subsection 31A-4-113(1)(b)(ii). See Utah Code 31A-27a-102

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

Person: includes :

(a)	an individual;

(b)	a partnership;

(c)	a corporation;

(d)	an incorporated or unincorporated association;

(e)	a joint stock company;

(f)

a trust;

(g)	a limited liability company;

(h)	a reciprocal;

(i)	a syndicate; or

(j)

another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301

receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102

receivership: means a rehabilitation, liquidation, or ancillary receivership. See Utah Code 31A-27a-102

receivership court: refers to the court in which a delinquency proceeding is pending. See Utah Code 31A-27a-102

(a)

The receiver shall comply with all requirements for receivership financial reporting in this section and as may be specified by the commissioner by rule or ordered by the court within:

(i)	180 days after the day on which the receivership court enters an order of receivership; and

(ii)	45 days following each calendar quarter after the period specified in Subsection (1)(a)(i).

(b)

The rule described in this Subsection (1) shall:

(i)	comply with this section;

(ii)	be made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act; and

(iii)

require the receiver to file any financial report with the receivership court in addition to any other person specified in the rule.

(c)

A financial report shall include, at a minimum, a statement of:

(i)	the assets and liabilities of the insurer;

(ii)	the changes in those assets and liabilities; and

(iii)

all funds received or disbursed by the receiver during that reporting period.

(d)	The receiver may qualify a financial report or provide notes to the financial statement for further explanation.

(e)	The receivership court may order the receiver to provide any additional information as the receivership court considers appropriate.

(2)

Each affected guaranty association shall file one or more reports with the liquidator:

(a)

(i)	within 180 days after the day on which the receivership court enters an order of liquidation; and

(ii)

(A)	within 45 days following each calendar quarter after the period described in Subsection (2)(a)(i); or

(B)

at an interval:

(I)	agreed to between the liquidator and the affected guaranty association; or

(II)	required by the receivership court; and

(b)	in no event less than annually.

(3)

For good cause shown, the receivership court may grant:

(a)	relief for an extension or modification of time to comply with Subsection (1) or (2); or

(b)	such other relief as may be appropriate.

Amended by Chapter 244, 2015 General Session

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