31A-19a-101 - Title -- Scope and purposes. - Utah Statutes

31A-19a-101. Title -- Scope and purposes.
(1) This chapter is known as the "Utah Rate Regulation Act."
(2) (a) (i) Except as provided in Subsection (2)(a)(ii), this chapter applies to all kinds andlines of direct insurance written on risks or operations in this state by an insurer authorized to dobusiness in this state.
(ii) This chapter does not apply to:
(A) life insurance;
(B) credit life insurance;
(C) variable and fixed annuities;
(D) health and accident and health insurance;
(E) credit accident and health insurance; and
(F) reinsurance.
(b) This chapter applies to all insurers authorized to do any line of business, except thosespecified in Subsection (2)(a)(ii).
(3) It is the purpose of this chapter to:
(a) protect policyholders and the public against the adverse effects of excessive,inadequate, or unfairly discriminatory rates;
(b) encourage independent action by and reasonable price competition among insurers sothat rates are responsive to competitive market conditions;
(c) provide formal regulatory controls for use if independent action and price competitionfail;
(d) provide regulatory procedures for the maintenance of appropriate data reportingsystems;
(e) authorize cooperative action among insurers in the rate-making process, and regulatethat cooperation to prevent practices that bring about a monopoly or lessen or destroycompetition;
(f) encourage the most efficient and economic marketing practices; and
(g) regulate the business of insurance in a manner that, under the McCarran-FergusonAct, 15 U.S.C. Secs. 1011 through 1015, will preclude application of federal antitrust laws.
(4) Rate filings made prior to July 1, 1986, under former Title 31, Chapter 18, arecontinued. Rate filings made after July 1, 1986, are subject to the requirements of this chapter.

Amended by Chapter 308, 2002 General Session