Utah Code 31A-27a-804. Disposition of records during and after termination of liquidation
Current as of: 2024 | Check for updates
|
Other versions
(1) Whenever it appears to the receiver that records of the insurer in receivership are no longer useful, the receiver may recommend to the receivership court, and the receivership court shall direct what records shall be destroyed.
Terms Used In Utah Code 31A-27a-804
- Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
- Department: is a s defined in Section 31A-1-301 unless the context requires otherwise. See Utah Code 31A-27a-102
- insurer: means a person who:(23)(a) is doing, has done, purports to do, or is licensed to do the business of insurance;(23)(b) is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or(23)(c) is included under Section 31A-27a-104. See Utah Code 31A-27a-102
- Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
- Record: when used as a noun, means information or data, in whatever form maintained, including:
(36)(a) a book;(36)(b) a document;(36)(c) a paper;(36)(d) a file;(36)(e) an application file;(36)(f) a policyholder list;(36)(g) policy information;(36)(h) a claim or claim file;(36)(i) an account;(36)(j) a voucher;(36)(k) a litigation file;(36)(l) a premium record;(36)(m) a rate book;(36)(n) an underwriting manual;(36)(o) a personnel record;(36)(p) a financial record; or(36)(q) other material. See Utah Code 31A-27a-102(2)(2)(a) If the receiver determines that records should be maintained after the closing of the delinquency proceeding, the receiver may reserve property from the receivership estate for the maintenance of the records.(2)(b) Any amounts retained under this Subsection (2) are an administrative expense of the estate under Subsection 31A-27a-701(2)(a).(2)(c) Any records retained pursuant to this Subsection (2) shall be transferred to the custody of the commissioner, and the commissioner may retain or dispose of the records as appropriate, at the commissioner’s discretion.(2)(d) Records of a delinquent insurer that are transferred to the commissioner:(2)(d)(i) may not be considered a record of the department for any purpose; and(2)(d)(ii) are not subject to Title 63G, Chapter 2, Government Records Access and Management Act.