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Utah Code Title 31A. Insurance Code § 31A-27a-804. Disposition of records during and after termination of liquidation

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

(1) Whenever it appears to the receiver that records of the insurer in receivership are no longer useful, the receiver may recommend to the receivership court, and the receivership court shall direct what records shall be destroyed.

(2)(a) If the receiver determines that records should be maintained after the closing of the delinquency proceeding, the receiver may reserve property from the receivership estate for the maintenance of the records.

(b) Any amounts retained under this Subsection (2) are an administrative expense of the estate under Subsection 31A-27a-701(2)(a).

(c) Any records retained pursuant to this Subsection (2) shall be transferred to the custody of the commissioner, and the commissioner may retain or dispose of the records as appropriate, at the commissioner's discretion.

(d) Records of a delinquent insurer that are transferred to the commissioner:

(i) may not be considered a record of the department for any purpose; and

(ii) are not subject to Title 63G, Chapter 2, Government Records Access and Management Act.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-27a-804. Disposition of records during and after termination of liquidation - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-27a-804/

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