31A-14-206 - Commercially domiciled insurers. - Utah Statutes

31A-14-206. Commercially domiciled insurers.
(1) As used in this section, and except as to title insurers, the commissioner may considera foreign insurer to be "commercially domiciled" in this state if:
(a) during the three immediately preceding calendar years, the foreign insurer wrote moreinsurance premiums in this state than it wrote in its state of domicile during the same period; or
(b) during the same three-year period, the foreign insurer's gross premiums written in thisstate constituted 15% or more of the insurer's total gross premiums written in the United States.
(2) Subject to Subsection (3), an insurer determined by the commissioner to becommercially domiciled in this state may be subjected to Chapters 16, 17, 18, 27, and 27a, andChapter 5, Parts 4, 5, and 6 in the same manner and to the same extent as domestic insurers. Thecommissioner shall, by order, notify any commercially domiciled insurer not exempt underSubsection (3) of the extent to which the insurer is subject to the provisions listed under thisSubsection (2).
(3) The commissioner may exempt from the provisions of this section any commerciallydomiciled insurer if the commissioner determines that the insurer has assets physically located inthis state or an asset to liability ratio sufficient to justify the conclusion that there is no reasonabledanger that the operations or conduct of the business of the insurer could present a danger of lossto Utah policyholders.
(4) Subsection 31A-14-205(4) applies to the conflict of the laws of this state with thelaws of the insurer's domicile for foreign insurers, including commercially domiciled insurers,under this section.
(5) This section does not excuse or exempt any foreign insurer from complying with theprovisions under this title which are otherwise applicable to a foreign insurer.

Amended by Chapter 309, 2007 General Session