The amendments in Laws of Utah 2001, Chapter 363, shall become effective on April 30, 2001 and apply to the association’s obligations under policies of insolvent insurers as they exist on or after April 30, 2001.
Terms Used In Utah Code 31A-28-222
insolvent: means that:
(a)
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
Notwithstanding Subsection (1), the amendments to Subsections 31A-28-203(3) and 31A-28-207(1)(a) in Laws of Utah 2001, Chapter 363, that add coverage for unearned premium claims shall apply only to insurers that become insolvent after April 30, 2001.
