31A-14-213 - Transfer of business. - Utah Statutes

31A-14-213. Transfer of business.
(1) A foreign insurer that intends to transfer to another person all or a substantial part ofits insurance business in Utah by means of an assumption reinsurance transaction, a sale, orotherwise, shall report the proposed transaction to the commissioner not less than 30 days beforethe proposed effective date. The commissioner may approve the transaction to take effectimmediately. Alternatively, the commissioner may defer the effective date of the transaction foran additional period not exceeding 30 days, by written notice to the insurer before the expirationof the initial 30-day period.
(2) The commissioner may, within the 30-day period or its extension, prohibit theproposed action if it would be contrary to the law or to the interests of insureds, creditors, or thepublic in Utah.

Enacted by Chapter 242, 1985 General Session