31A-14-212 - Changes in business plan. - Utah Statutes

31A-14-212. Changes in business plan.
(1) Within two years after the initial issuance of a certificate of authority to a foreigninsurer by its domiciliary jurisdiction, the insurer may not substantially deviate from its businessplan under Subsection 31A-14-201(2)(b)(xii) unless notice of the proposed action is filed withthe commissioner 30 days in advance of the proposed effective date.
(2) If the commissioner believes that the change proposed under Subsection (1) would becontrary to Utah law or to the interests of insureds, creditors, or the public, he may prohibit theapplication of the change to Utah. In his prohibitory order he shall explain why he has prohibitedthe change.
(3) If the commissioner finds after a hearing that the application of the proposed changeoutside Utah would endanger the interests of insureds, creditors, or the public in Utah, thecommissioner may revoke the insurer's certificate of authority unless the insurer agrees not tomake the change.

Amended by Chapter 116, 2001 General Session