31A-27a-801 - Condition on release from delinquency proceedings. - Utah Statutes

31A-27a-801. Condition on release from delinquency proceedings.
(1) Unless otherwise provided in a plan approved by the guaranty associations, an insurerthat is subject to a rehabilitation proceeding may not take an action listed in Subsection (2) untilall payments by all guaranty associations of or on account of the insurer's contractual obligationsare repaid to the guaranty associations with:
(a) all expenses related to the payments by all guaranty associations of or on account ofthe insurer's contractual obligations; and
(b) interest on all the payments.
(2) Until an insurer that is subject to a rehabilitation proceeding complies withSubsection (1), the insurer may not:
(a) be permitted to:
(i) solicit or accept new business; or
(ii) request or accept the restoration of any suspended or revoked license or certificate ofauthority;
(b) be returned to the control of its shareholders or private management; or
(c) have any of its assets returned to the control of its shareholders or privatemanagement.

Enacted by Chapter 309, 2007 General Session