31A-2-217. Coordination with other states.
(1) (a) Subject to Subsection (1)(b), the commissioner, by rule, may adopt one or more
agreements with another governmental regulatory agency, within and outside of this state, or with
the National Association of Insurance Commissioners to address:
(i) licensing of insurance companies;
(ii) licensing of agents;
(iii) regulation of premium rates and policy forms; and
(iv) regulation of insurer insolvency and insurance receiverships.
(b) An agreement described in Subsection (1)(a), may authorize the commissioner to
modify a requirement of this title if the commissioner determines that the requirements under the
agreement provide protections similar to or greater than the requirements under this title.
(2) (a) The commissioner may negotiate an interstate compact that addresses issuing
certificates of authority, if the commissioner determines that:
(i) each state participating in the compact has requirements for issuing certificates of
authority that provide protections similar to or greater than the requirements of this title; or
(ii) the interstate compact contains requirements for issuing certificates of authority that
provide protections similar to or greater than the requirements of this title.
(b) If an interstate compact described in Subsection (2)(a) is adopted by the Legislature,
the commissioner may issue certificates of authority to insurers in accordance with the terms of
the interstate compact.
(3) If any provision of this title conflicts with a provision of the annual statement
instructions or the National Association of Insurance Commissioners Accounting Practices and
Procedures Manual, the commissioner may, by rule, resolve the conflict in favor of the annual
statement instructions or the National Association of Insurance Commissioners Accounting
Practices and Procedures Manual.
(4) The commissioner may, by rule, accept the information prescribed by the National
Association of Insurance Commissioners instead of the documents required to be filed with an
application for a certificate of authority under:
(a) Section 31A-4-103, 31A-5-204, 31A-8-205, or 31A-14-201; or
(b) rules made by the commissioner.
(5) Before November 30, 2001, the commissioner shall report to the Business and Labor
Interim Committee regarding the status of:
(a) any agreements entered into under Subsection (1);
(b) any interstate compact entered into under Subsection (2); and
(c) any rule made under Subsections (3) and (4).
(6) This section shall be repealed in accordance with Section 63I-1-231.
Amended by Chapter 382, 2008 General Session
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Last revised: Thursday, May 28, 2009