Utah Admin. Code R590-162-7 - Exemptions

(1) Unless ordered by the commissioner, a company that is under supervision, rehabilitation, or liquidation is exempt from the requirements of this rule.

(2)

(a) At the discretion of the commissioner, a company domiciled in this state and doing business only in this state may submit an opinion without the statement required under Subsection R590-162-5(2)(f)(ii).

(b) If the commissioner grants an exemption under Subsection (2)(a), the company is exempt from preparing and submitting the regulatory asset adequacy issues summary document required under Subsection R590-162-6(1)(e).

(3) A company domiciled in this state may apply to the commissioner for an exemption from:

(a) the requirement to submit an actuarial opinion under Subsection R590-162-4(1)(a);

(b) the requirement to include within its actuarial opinion the statement under Subsection R590-162-5(2)(f)(ii); or

(c) the requirement to prepare and submit the regulatory asset adequacy issues summary document under Subsection R590-162-6(1)(e).

(2) A company seeking an exemption under Subsection (3) shall:

(a) submit a written request for an exemption no later than November 1 of the year for which the exemption is sought; and

(b) provide a written explanation and supporting documents explaining how complying with the requirement for which an exemption is sought would not enhance the department's understanding of the financial position of the company and, therefore, be an unnecessary burden on the company.

Notes

Utah Admin. Code R590-162-7

Amended by Utah State Bulletin Number 2022-16, effective 8/8/2022