31A-18-102 - Separate account investments. - Utah Statutes

31A-18-102. Separate account investments.
(1) Except as provided under Subsection (2), each separate account established underSection 31A-5-217 shall be evaluated as a separate insurer to determine whether the accountcomplies with Chapters 17 and 18.
(2) Except as provided under Subsection (3), the amounts allocated to each separateaccount, and accumulations thereon, may be invested and reinvested without regard to anyrequirements or limitations prescribed by Chapter 18.
(3) To the extent that the corporation's reserve liability, with regard to benefits guaranteedas to dollar amount and duration and funds guaranteed as to principal amount or stated rate ofinterest, is maintained in any separate account, a portion of the assets of the account at least equalto the reserve liability shall be invested in accordance with this chapter, or in accordance withsuch requirements as the commissioner prescribes by rule.
(4) Assets allocated to a separate account shall be valued at market value on the date ofvaluation, or, if there is no readily available market, then in accordance with the applicablecontract. However, a portion of the assets of the account at least equal to the corporation'sreserve liability with regard to the guaranteed benefits and funds referred to in Subsection (3), ifany, shall be reported separately and valued in accordance with the rules otherwise applicable tothe corporation's assets or in accordance with rules adopted under Subsection (3). No securitiesvaluation reserve or other reserve for fluctuation in the value of securities is required for assetsthat do not have to comply with this chapter.

Enacted by Chapter 242, 1985 General Session