Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of May 05, 2022 | Updated by FindLaw Staff
(1) An insurance policy that provides for payment of a benefit in a variable amount shall contain a statement of the essential features of the procedure to be followed by the insurer in determining the dollar amount of the variable benefits.
(2) A variable insurance policy shall contain:
(a) an appropriate nonforfeiture benefit in lieu of those required by either Section 31A-22-408 or 31A-22-409;
(b) an appropriate reinstatement provision in lieu of those required by Section 31A-22-407; and
(c) a grace period provision appropriate to that type of insurance policy in lieu of those required by Section 31A-22-402.
(3) An individual insurance policy and a certificate issued under a group insurance policy shall conspicuously state on its first page that:
(a) the dollar amount may decrease or increase according to investment experience; and
(b) a benefit under the insurance policy is payable on a variable basis.
(4) A life insurance or annuity policy with a variable benefit issued under a separate account shall, on either the application or the insurance policy, state that the insurer's liabilities with respect to a variable benefit under the insurance policy are subject to satisfaction only out of the insurer's variable account assets.
(5)(a) A variable insurance policy shall state whether it may be amended as to:
(i) investment policy;
(ii) voting rights; and
(iii) conduct of the business and affairs of a separate account.
(b) Subject to any preemptive provision of federal law, an amendment of the type described in this Subsection (5) is subject to:
(i) filing under Section 31A-21-201; and
(ii) approval by a majority of the policyholders in the separate account.
Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-22-411. Insurance policies providing variable benefits - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-22-411/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)