DAR File No. 27555

Insurance, Administration

R590-174

Diskette Filing of Annual and Quarterly Statements

NOTICE OF PROPOSED RULE

DAR File No.: 27555
Filed: 11/22/2004, 10:11
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

This rule is being combined into Rule R590-147 along with Rule R590-163 because of similarity of topic. (DAR NOTE: The proposed repeal and reenactment of Rule R590-147 is under DAR No. 27556, and the proposed repeal of Rule R590-163 is under DAR No. 27554 in this issue.)

Summary of the rule or change:

This rule is being merged into Rule R590-147. The purpose and substance of this rule is being carried over into the reenacted version of Rule R590-147 with the exception that insurers will only be required to file an electronic copy of their annual and quarterly statements with the National Association of Insurance Commissioners (NAIC). They will no longer be required to file a diskette and hard copy. Therefore, the current rule, R590-174, is repealed in its entirety.

State statutory or constitutional authorization for this rule:

Sections 31A-2-201 and 31A-4-113

Anticipated cost or savings to:

the state budget:

The repeal of this rule will have no fiscal impact on the State's budget since the requirements will be continued in Subsection R590-147-5(2).

local governments:

This rule does not affect local government since it only applies to the relationship between insurers and the Insurance Department. Therefore, there are no costs or savings to local government.

other persons:

The repeal of this rule will have little fiscal impact on the insurance industry licensed to sell insurance in Utah. The 1,400 Insurers licensed in Utah will no longer be required to file hard copies or diskettes of their annual or quarterly statements with the NAIC. This will save them a little money in printing and mailing costs.

Compliance costs for affected persons:

The repeal of this rule will have little fiscal impact on the insurance industry licensed to sell insurance in Utah. The 1,400 Insurers licensed in Utah will no longer be required to file hard copies or diskettes of their annual or quarterly statements with the NAIC. This will save them a little money in printing and mailing costs.

Comments by the department head on the fiscal impact the rule may have on businesses:

The repeal of this rule will have minimal fiscal impact on businesses in Utah. There will be no additional cost, however, there will be a minimal savings in printing and mailing of annual and quarterly statements to be mailed to the NAIC.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Direct questions regarding this rule to:

Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at jwhitby@utah.gov

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

01/14/2005

This rule may become effective on:

01/17/2005

Authorized by:

Jilene Whitby, Information Specialist

RULE TEXT

R590. Insurance, Administration.

[R590-174. Diskette Filing of Annual and Quarterly Statements.

R590-174-1. Authority.

This rule is promulgated pursuant to the general rulemaking authority granted the Commissioner by Utah Insurance Code Section 31A-2-201 and the specific authority granted by Section 31A-4-113.

R590-174-2. Scope.

This rule applies to all insurers licensed under Chapters 5, 7, 8, except limited health plans, and 14 of the Utah Insurance Code.

R590-174-3. Rule.

Insurers shall file diskette and hard copies of their annual and quarterly statements with the National Association of Insurance Commissioners. Annual filings shall be filed each year on or before March 1.

Quarterly filings:

1. for the period ending each March 31, shall be filed before May 16;

2. for the period ending each June 30 shall be filed before August 16;

3. for the period ending each September 30 shall be filed before November 16;

A quarterly filing is not required for the period ending December 31. The fourth quarter information shall be included in the annual statement filing. The Commissioner may exempt insurers that operate only in Utah from these requirements.

Annual statement diskette copies are required to contain the same information and be in the same format as the annual statement filings required by Rule R590-147. Quarterly statement diskette copies are required to contain the same information and be in the same format as the quarterly statement filings required by Rule R590-163.

R590-174-4. Severability.

If any provision of this rule or its application to any person or circumstance is, for any reason, held to be invalid, the remainder of this rule and its application to other persons or circumstances are not affected.

KEY: insurance law

January 1, 1998

Notice of Continuation October 18, 2000

31A-4-113]

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For questions regarding the content or application of this rule, please contact Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at jwhitby@utah.gov

For questions about the rulemaking process, please contact the Division of Administrative Rules (801-538-3764). Please Note: The Division of Administrative Rules is NOT able to answer questions about the content or application of these administrative rules.