31A-17-610. Foreign insurers or health organizations.

403 words·~2 min read·/ut/title-31a/chapter-17/31a-17-610

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 7/1/2024

(a)Any foreign insurer or health organization shall, upon the written request of the commissioner, submit to the commissioner an RBC report as of the end of the most recent calendar year by the later of:

(i)the date an RBC report would be required to be filed by a domestic insurer or health organization under this part; or

(ii)15 days after the request is received by the foreign insurer or health organization.

(b)Any foreign insurer or health organization shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state.

(a)The commissioner may require a foreign insurer or health organization to file an RBC plan with the commissioner if:

(i)there is a company action level event, regulatory action level event, or authorized control level event with respect to the foreign insurer or health organization as determined under:

(A)the RBC statute applicable in the state of domicile of the insurer or health organization; or

(B)if no RBC statute is in force in that state, under this part; and

(ii)the insurance commissioner of the state of domicile of the foreign insurer or health organization fails to require the foreign insurer or health organization to file an RBC plan in the manner specified under:

(A)that state's RBC statute; or

(B)if no RBC statute is in force in that state, under Section 31A-17-603 .

(b)If the commissioner requires a foreign insurer or health organization to file an RBC plan, the failure of the foreign insurer or health organization to file the RBC plan with the commissioner is grounds to order the insurer or health organization to cease and desist from writing new insurance business in this state.

(3)The commissioner may petition a court as permitted under Section 31A-27a-901 with respect to the liquidation of property of a foreign insurer or health organization found in this state if:

(a)a mandatory control level event occurs with respect to any foreign insurer or health organization; and

(b)no domiciliary receiver has been appointed with respect to the foreign insurer or health organization under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer or health organization.

Amended by Chapter 401 , 2023 General Session