31A-18-103 - Protection against currency fluctuations. - Utah Statutes

31A-18-103. Protection against currency fluctuations.
Any insurer whose business requires it to make payment in different currencies may haveinvestments in securities in each of those currencies in an amount that, independently of all otherinvestments, meets the requirements of the Insurance Code as applied separately to the insurer'sobligations in each currency. The commissioner may by order require an insurer, or by rulerequire a class of insurers, to maintain these separate currency investments if the obligations inother currencies are large enough to present a problem of financial stability if there are substantialfluctuations in relative currency values.

Enacted by Chapter 242, 1985 General Session