Utah Admin. Code R590-117-4 - Reported Liabilities and Valuation Hierarchy

(1) Reported liabilities include:
(a) any liability provided for or contemplated by the annual statement blank or other reporting form prescribed by the commissioner under Section 31A-2-202; and
(b) any other liability known to the reporting insurer, except a liability specifically exempted or precluded by the reporting form.
(2) The value of a reported liability shall be computed according to the first applicable method, in ascending order, from the following list:
(a) a specific provision of Title 31A, Insurance Code;
(b) a department rule that supersedes Rule R590-117;
(c) a procedure adopted or recommended by the National Association of Insurance Commissioners;
(d) generally accepted accounting principles; or
(e) values a prudent person would establish and are accepted by the commissioner.


Utah Admin. Code R590-117-4
Amended by Utah State Bulletin Number 2021-22, effective 11/8/2021

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