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.

(2)

(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.

Notes

Utah Admin. Code R590-143-2

Amended by Utah State Bulletin Number 2022-07, effective 3/16/2022