31A-14-212. Changes in business plan.
(1) Within two years after the initial issuance of a certificate of authority to a foreign
insurer by its domiciliary jurisdiction, the insurer may not substantially deviate from its business
plan under Subsection 31A-14-201 (2)(b)(xii) unless notice of the proposed action is filed with
the commissioner 30 days in advance of the proposed effective date.
(2) If the commissioner believes that the change proposed under Subsection (1) would be
contrary to Utah law or to the interests of insureds, creditors, or the public, he may prohibit the
application of the change to Utah. In his prohibitory order he shall explain why he has prohibited
the change.
(3) If the commissioner finds after a hearing that the application of the proposed change
outside Utah would endanger the interests of insureds, creditors, or the public in Utah, the
commissioner may revoke the insurer's certificate of authority unless the insurer agrees not to
make the change.
Amended by Chapter 116, 2001 General Session
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Last revised: Thursday, May 28, 2009