Utah Admin. Code R590-227-3 - Definitions
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1)
"Certification" means a statement that a submitted filing is
compliant.
(2) "Compliant" means a
filing that is complete and complies with Title 31A, Insurance Code, and Title
R590, Administration.
(3)
"Contract" means an annuity policy including attached endorsements and
riders.
(4) "Data page" means the
page or pages in a contract or certificate providing the specific data for the
annuitant and detailing the coverage provided.
(5) "Discretionary group" means a group that
is authorized by the commissioner under Section
31A-22-509.
(6) "Electronic filing" means a filing
submitted using SERFF.
(7)
"Eligible group" means a group that meets the requirements in Sections
31A-22-501.1 through
31A-22-508.
(8) "File and use" means a filing is used,
sold, or offered for sale after it is filed with the department.
(9) "Filing objection letter" means a letter
issued by the commissioner when a review of a filing determines the filing is
not compliant and may require:
(a) correction
of non-compliant items;
(b)
clarification; or
(c) additional
information related to the filing.
(10) "Letter of authorization" means a letter
signed by an officer of the insurer giving authority to a third party to submit
a filing on behalf of the insurer.
(11) "NAIC Product Coding Matrix" means a
numerical coding system developed by the NAIC that provides uniform naming
convention, uniform terminology, and uniform description for a type of
insurance product in a filing.
(12)
"Order to prohibit use" means an order issued by the commissioner prohibiting
the use of a filing.
(13)
"Qualified actuary" means an individual who is qualified to sign the applicable
state of actuarial opinion in accordance with the American Academy of Actuaries
qualification standards.
(14)
"Rejected" means a filing is:
(a) not
compliant;
(b) returned to the
insurer stating the reason for rejection; and
(c) not considered filed with the
department.
(15)
"Resubmission" means a correction, modification, or replacement of a previously
rejected, withdrawn, or prohibited filing.
(16) "SERFF" means the System for Electronic
Rate and Form Filing.
(17) "Type of
insurance" or "TOI" means:
(a) a specific type
of annuity product identified by the NAIC Product Coding Matrix including
equity indexed annuity, single premium immediate annuity, modified guaranteed
annuity, deferred annuity, or variable annuity; and
(b) a TOI that can be selected in SERFF when
submitting a filing in Utah.
(18) "Utah filed date" means the date the
department indicates a paper filing is accepted.
Notes
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