31A-23a-417 - Financial services insurance activities regulation. - Utah Statutes

31A-23a-417. Financial services insurance activities regulation.
(1) It is the intent of the Legislature that the regulation of insurance activities of anyperson in this state be based on functional regulation principles established in theGramm-Leach-Bliley Act of 1999, Pub. L. No. 106-102.
(2) The insurance activities of any person in this state shall be functionally regulated bythe commissioner subject to Sections 104, 301-308, 501-507, and 509 of theGramm-Leach-Bliley Act of 1999, Pub. L. No. 106-102.
(3) Under Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commissionermay adopt rules consistent with Section 104(d) of the Gramm-Leach-Bliley Act of 1999, Pub. L.No. 106-102, and the functional regulation of insurance activities of any person otherwise subjectto the jurisdiction of the commissioner in this state described in Subsection (2).
(4) The commissioner shall consult and coordinate with the commissioner of theDepartment of Financial Institutions and the director of the Division of Securities for the purposeof assuring, to the extent possible, that the rules prescribed by the department are consistent andcomparable with federal regulations governing the insurance, banking, and securities industries.

Amended by Chapter 382, 2008 General Session