Utah Admin. Code R590-166-6 - Annual Statement

(1) A home protection company subject to this rule shall annually, within 90 days after the close of its fiscal year, file with the commissioner an annual statement in a form prescribed by the commissioner.

(2) An annual statement shall include:

(a) a current financial statement prepared in accordance with generally accepted accounting principles, reviewed by an independent certified public accountant and verified by the home protection company's president and principal financial officer;

(b) a home protection company's volume of business in this state during the preceding fiscal year;

(c) a home protection company's business losses;

(d) a list showing each security deposit, surety bond, and irrevocable letter of credit at year end; and

(e) a statement of assets and liabilities.

(3) A home protection company that fails to timely file its annual statement may be:

(a) fined $500 for each month, or any part thereof, during which such delinquency continues;

(b) subject to suspension until the delinquency is cured to the satisfaction of the commissioner; and

(c) subject to revocation.

(4) The commissioner may require a home protection company to file additional regular or special reports, as the commissioner considers necessary.

Notes

Utah Admin. Code R590-166-6

Amended by Utah State Bulletin Number 2022-04, effective 2/8/2022