Utah Admin. Code R590-280-5 - Requirements for Counting Short-Term Funds

Current through Bulletin No. 2021-18, September 15, 2021

An insurer may count short-term funds for the purposes specified under Title 31A, Chapter 17, Part 6, only if:

(1) the total amount of short-term funds at any point in time does not exceed the following as set forth in the insurer's annual or quarterly statutory financial statement, whichever was last filed with the National Association of Insurance Commissioners:
(a) 1.5% of the insurer's total assets as determined according to 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 on request satisfactory proof of compliance with this rule;
(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; 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.

Notes

Utah Admin. Code R590-280-5
Adopted by Utah State Bulletin Number 2019-10, effective 4/23/2019

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