Current through Bulletin No. 2021-18, September 15, 2021
Upon written application of any insurer,
the commissioner may grant an exemption from compliance with any and all
provisions of this rule if the commissioner finds, upon review of the
application, that compliance with this rule would constitute a financial or
organizational hardship upon the insurer.
An exemption may be granted at any time and from time to time for a specified
period or periods.
(b) Within 10
days from a denial of an insurer's written request for an exemption from this
rule, the insurer may request in writing a hearing on its application for an
(c) The hearing shall be
held in accordance with the rules of the department pertaining to
administrative hearing procedures.
(2) Foreign insurers shall comply with this
(a) An insurer or group of insurers that is
not required to have independent audit committee members or only a majority of
independent audit committee members, as opposed to a supermajority, because the
total written and assumed premium is below the threshold and subsequently
becomes subject to one of the independence requirements due to changes in
premium, shall have one year following the year the threshold is exceeded to
comply with the independence requirements.
(b) An insurer that becomes subject to one of
the independence requirements as a result of a business combination shall have
one calendar year following the date of acquisition or combination to comply
with the independence requirements.
insurer or group of insurers that is not required to file a report because the
total written premium is below the threshold, and subsequently becomes subject
to the reporting requirements, shall have two years following the year the
threshold is exceeded to file a report.
(b) An insurer acquired in a business
combination shall have two calendar years following the date of acquisition or
combination to comply with the reporting requirements.
Utah Admin. Code
State Bulletin Number 2021-13, effective