Utah Admin. Code R590-227-8 - Additional Procedures for Group Annuity Filings

(1) A group annuity filing shall comply with:

(a) Title 31A, Chapter 21, Insurance Contracts in General;

(b) Title 31A, Chapter 22, Part 4, Life Insurance and Annuities;

(c) Title 31A, Chapter 22, Part 5, Group Life Insurance; and

(d) Rule R590-191.

(2) An insurer shall determine if a group is an eligible group or a discretionary group.

(a) Eligible Group.

(i) A filing for an eligible group shall include a Utah Life and Annuity Group Questionnaire.

(ii) A questionnaire shall be completed for each eligible group under Sections 31A-22-501.1 through 31A-22-508.

(iii) When a filing applies to more than one employer or employee group, only one questionnaire is required.

(b) Discretionary Group.

(i) If a group is not an eligible group, specific discretionary group authorization shall be obtained.

(ii) If a filing is submitted without discretionary group authorization, the filing shall be rejected.

(iii) To obtain discretionary group authorization, a compliant Utah Life and Annuity Request for Discretionary Group Authorization shall be submitted.

(c) A change to an authorized discretionary group shall be submitted to the department within 30 days of the change.

(d) The commissioner may periodically re-evaluate a group's authorization.

(e) An insurer shall file a separate discretionary group authorization to add another TOI to a previously authorized group.

Notes

Utah Admin. Code R590-227-8

Adopted by Utah State Bulletin Number 2023-09, effective 4/21/2023