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Utah Code Title 31A. Insurance Code § 31A-16b-103. Disclosure requirement

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) An insurer, or the insurance group of which the insurer is a member, shall on or before June 1 of each year submit to the commissioner a corporate governance annual disclosure that contains the information required under Section 31A-16b-105.

(2) Notwithstanding a request from the commissioner described in Subsection (4), if an insurer is a member of an insurance group, the insurer shall submit the report required under this section to the commissioner of the lead state for the insurance group in accordance with:

(a) the laws of the lead state; and

(b) the procedures outlined in the most recent Financial Analysis Handbook adopted by the NAIC.

(3) The corporate governance annual disclosure described in Subsection (1) shall include a signature:

(a) of the insurer's or insurance group's chief executive officer or corporate secretary; and

(b) attesting to the best of the signatory's belief and knowledge that:

(i) the insurer or insurance group has implemented the corporate governance practices; and

(ii) a copy of the disclosure has been provided to the insurer's or insurance group's board of directors or the appropriate committee thereof.

(4) An insurer not required to submit a corporate governance annual disclosure under this section shall submit a corporate governance annual disclosure to the commissioner upon the commissioner's request.

(5)(a) For purposes of completing a corporate governance annual disclosure, an insurer or insurance group may provide information regarding corporate governance at one of the following levels:

(i) at the ultimate controlling parent level;

(ii) at an intermediate holding company level; or

(iii) at the individual legal entity level.

(b) An insurer or insurance group shall consider making each corporate governance annual disclosure at the level at which the insurer or insurance group:

(i) determines the insurer or insurance group's risk appetite;

(ii)(A) collectively oversees the earnings, capital, liquidity, operations, and reputation of the insurer; and

(B) coordinates and exercises the supervision of earnings, capital, liquidity, operations, and reputation of the insurer; or

(iii) places legal liability for failure of general corporate governance duties.

(6) If an insurer or insurance group chooses a level of reporting described in Subsection (5), it shall indicate:

(a) which of the three levels the insurer or insurance group chose; and

(b) explain any subsequent change in the level of reporting.

(7) An insurer may choose not to include certain information in a corporate governance annual disclosure, if:

(a) the information is substantially similar to information included in another document submitted to the commissioner, including a proxy statement filed in conjunction with Section 31A-16-105 or another state or federal filing provided to the department; and

(b) the insurer cross references the document described in Subsection (7)(a) in the corporate governance annual disclosure.

(8) A review of a corporate governance annual disclosure or any additional request for information related to a corporate governance annual disclosure shall be made through the lead state as determined by the procedures outlined in the most recent Financial Analysis Handbook adopted by the NAIC.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-16b-103. Disclosure requirement - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-16b-103/

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