31A-8-217 - Material transactions by insurers which are part of holding company system. - Utah Statutes

31A-8-217. Material transactions by insurers which are part of holding companysystem.
(1) This section applies to an insurer licensed under this chapter that is part of a holdingcompany system, for purposes of:
(a) the reporting requirements of Section 31A-16-105; and
(b) the material transaction standards of Section 31A-16-106.
(2) Unless otherwise provided by rule, a transaction is not material under Subsection31A-16-105(4) if the transaction involves an amount:
(a) of not more than:
(i) 10% for each transaction; or
(ii) 20% for cumulative transactions during any one calendar year; and
(b) calculated:
(i) on the basis of the organization's surplus requirement, determined in accordance withSection 31A-5-211; and
(ii) as of December 31 of the year immediately preceding the transaction.

Amended by Chapter 252, 2003 General Session