an insurer is unable to pay the insurer's obligations as the obligations are due;
(b)
an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or
(c)
an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301
Insurance: includes :
(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
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
Member insurer: means any person who:
(a)
writes any kind of insurance to which this part applies under Section 31A-28-202, including the exchange of reciprocal or inter-insurance contracts; and
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
(a)
notify the association of the existence of an insolvent insurer not later than three days after the commissioner receives notice of the order of liquidation; and
(b)
upon request of the board of directors, provide the association with a statement of the premiums in this state for each member insurer.
(2)
(a)
The commissioner may suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer that fails:
(i)
to pay an assessment when due; or
(ii)
to comply with the plan of operation or the rules adopted under this part.
(b)
(i)
As an alternative to an action described in Subsection (2)(a), the commissioner may levy a fine on any member insurer that fails to pay an assessment when due.
(ii)
The fine permitted under this Subsection (2)(b) may not:
(A)
exceed 5% of the unpaid assessment per month; or
(B)
be less than $100 per month.
(c)
The commissioner may revoke the designation of any servicing facility if the commissioner finds claims are being handled unsatisfactorily.
(3)
Any final action or order of the commissioner under this part is subject to judicial review in a court of competent jurisdiction.
