31A-5-108 - Transition provision for former mutual benefit associations, cooperative associations, county mutuals, and reciprocal insurers. - Utah Statutes

31A-5-108. Transition provision for former mutual benefit associations,cooperative associations, county mutuals, and reciprocal insurers.
(1) Except as otherwise provided in this code, a domestic stock or mutual insurancecorporation, including an incorporated mutual benefit association, a county mutual, a reciprocalinsurer, or an incorporated cooperative association, holding a valid certificate of authority on July1, 1986, continues to be authorized within the limits of its certificate of authority. Incorporatedmutual benefit associations, county mutuals, reciprocal insurers, and cooperative associationsbecome Chapter 5 mutuals by operation of law on July 1, 1986.
(2) If timely adjustment to the requirements of Chapter 5 would cause an existing stockor mutual insurance corporation hardship, disproportionate expense, or serious inconvenience, thecommissioner may, upon the corporation's request, grant an extension for compliance withspecified requirements, if the interests of insureds and the public are not endangered. Theextension may not be beyond July 1, 1988.

Enacted by Chapter 242, 1985 General Session