| (1) |
This section applies to an insurer licensed under this chapter that is part of a holding company system, for purposes of:
Terms Used In Utah Code 31A-8-217- Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
| (a) |
the reporting requirements of Section 31A-16-105; and |
| (b) |
the material transaction standards of Section 31A-16-106. |
|
| (2) |
Unless otherwise provided by rule, a transaction is not material under Subsection 31A-16-105(4) if the transaction involves an amount:
| (a) |
of not more than:
| (i) |
10% for each transaction; or |
| (ii) |
20% for cumulative transactions during any one calendar year; and |
|
| (b) |
calculated:
| (i) |
on the basis of the organization’s surplus requirement, determined in accordance with Section 31A-5-211; and |
| (ii) |
as of December 31 of the year immediately preceding the transaction. |
|
|
Amended by Chapter 252, 2003 General Session
