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Utah Code Title 31A. Insurance Code § 31A-44-501.1. Receivership

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

(1) The department may, by petition or motion, request that a court appoint the commissioner as receiver for a provider.

(2) The court may appoint the commissioner as receiver if, as determined by the commissioner, the provider:

(a) is insolvent or at material risk of becoming insolvent within the next 12 months;

(b) is materially unable to meet the income or available cash projections described in the provider's disclosure statement; or

(c) is unable or at risk of being unable to perform a material obligation under a continuing care contract within the next 12 months.

(3) In evaluating whether a receiver is appropriate under this section, the court:

(a) shall evaluate and promote the best interests of the residents that have contracted with the provider; and

(b) may require the proceeds of a lien imposed under Section 31A-44-601 to be used to pay an entrance fee to another facility on behalf of a resident of the provider's facility.

(4) The commissioner may not file an independent proceeding or action described in this section if another judicial proceeding or action based on the provider's financial condition is pending, but may move to intervene in a pending proceeding or action that is based on the provider's financial condition.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-44-501.1. Receivership - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-44-501-1/

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