Utah Admin. Code R590-280-4 - Requirements for Counting Short-Term Funds
An insurer may count short-term funds for the purposes specified under Title 31A, Chapter 17, Part 6, Risk-Based Capital, if:
(1) the total amount of short-term funds, set
forth in the insurer's annual or quarterly statutory financial statement that
was last filed with the NAIC, does not exceed the following:
(a) 1.5% of the insurer's total assets
determined under Subsection
31A-18-106(4);
and
(b) 15% of the insurer's
capital and surplus;
(2)
the duration of each loan does not exceed 150 days;
(3) the insurer provides satisfactory proof
of compliance with this rule, upon request;
(4) the filing of the insurer's most recent
RBC report did not qualify as an action level event or as a control level event
under Title 31A, Chapter 17, Part 6, Risk-Based Capital; and
(5) at the time of the insurer's loan to the
SBA borrower, the insurer is not subject to administrative action under Title
31A, Chapter 27, Part 5, Administrative Actions.
Notes
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