49-20-402 - Reserves to be held -- Refunds. - Utah Statutes

49-20-402. Reserves to be held -- Refunds.
(1) The reserves in a risk pool in a given fiscal year shall be maintained at the levelrecommended by the program's consulting actuary and approved or ratified by the board. If thereserves drop below that level, covered employers in the risk pool are required to cure anydeficiency in the reserve.
(2) If substantial excess reserves are accrued above those required by this chapter, andthe board determines that a refund is appropriate, a refund shall be made:
(a) to covered employers which shall then make a refund to covered individuals on thebasis of the contribution of each to the plan; or
(b) directly to covered individuals on the basis of the contribution of each to the plan.

Amended by Chapter 130, 2007 General Session