31A-8-217. Material transactions by insurers which are part of holding company system.

133 words·~1 min read·/ut/title-31a/chapter-8/31a-8-217

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

(1)This section applies to an insurer licensed under this chapter that is part of a holding company system, for purposes of:

(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