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Utah Code Title 31A. Insurance Code § 31A-5-410. Supervision of management changes

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

(1)(a) Immediately after the selection of a person as a director or principal officer, the insurer shall report to the commissioner:

(i) the name of the person selected as a director or principal officer of a corporation; and

(ii) pertinent biographical and other data that the commissioner requires by rule.

(b) For five years after the initial issuance of a certificate of authority to a corporation, the commissioner may, within 30 days after receipt of a report under Subsection (1)(a), disapprove any person selected who fails to satisfy the commissioner that the person:

(i) is trustworthy; and

(ii) has the competence and experience necessary to discharge that person's responsibilities.

(2)(a) Whenever a director or principal officer of a corporation is removed under a provision listed in Subsection (2)(b), the insurer shall immediately report to the commissioner:

(i) the removal; and

(ii) a statement of the reasons for the removal.

(b) Subsection (2)(a) applies to a removal under:

(i)Subsection 16-6a-820(4);

(ii)Section 16-10a-808;

(iii)Section 16-10a-832; and

(iv)Subsection 31A-5-409(4).

(3) The commissioner may order the removal of a director or officer if the commissioner finds, after a hearing, that:

(a) a director or officer:

(i) is incompetent;

(ii) untrustworthy;

(iii) is not qualified under Section 31A-5-409; or

(iv) has wilfully violated:

(A) this title;

(B) a rule adopted under Subsection 31A-2-201(3); or

(C) an order issued under Subsection 31A-2-201(4); and

(b) the circumstances described in Subsection (3)(a) endangers the interests of:

(i) insureds; or

(ii) the public.

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Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-5-410. Supervision of management changes - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-5-410/

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