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Utah Code Title 31A. Insurance Code § 31A-27a-801. Condition on release from delinquency proceedings

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

(1) Unless otherwise provided in a plan approved by the guaranty associations, an insurer that is subject to a rehabilitation proceeding may not take an action listed in Subsection (2) until all payments by all guaranty associations of or on account of the insurer's contractual obligations are repaid to the guaranty associations with:

(a) all expenses related to the payments by all guaranty associations of or on account of the insurer's contractual obligations; and

(b) interest on all the payments.

(2) Until an insurer that is subject to a rehabilitation proceeding complies with Subsection (1), the insurer may not:

(a) be permitted to:

(i) solicit or accept new business; or

(ii) request or accept the restoration of any suspended or revoked license or certificate of authority;

(b) be returned to the control of its shareholders or private management; or

(c) have any of its assets returned to the control of its shareholders or private management.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-27a-801. Condition on release from delinquency proceedings - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-27a-801/

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