Utah Admin. Code R590-143-2 - Purpose and Scope
(1) The purpose of this rule is to:
(a) recognize that a licensed insurer may enter into a reinsurance agreement that yields legitimate relief to a ceding insurer; and
(b) establish criteria for a licensed insurer to enter into a reinsurance agreement.
(a) This rule applies to:
(i) a domestic life insurer;
(ii) a domestic accident and health insurer;
(iii) a foreign life insurer not subject to a similar rule in its domiciliary state;
(iv) a foreign accident and health insurer not subject to a similar rule in its domiciliary state; and
(v) a property and casualty insurer with respect to its accident and health insurance business.
(b) This rule does not apply to:
(i) assumption reinsurance;
(ii) yearly renewable term reinsurance; and
(iii) certain nonproportional reinsurance, such as stop-loss or catastrophe reinsurance.
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