31A-14-213. Transfer of business.
(1) A foreign insurer that intends to transfer to another person all or a substantial part of
its insurance business in Utah by means of an assumption reinsurance transaction, a sale, or
otherwise, shall report the proposed transaction to the commissioner not less than 30 days before
the proposed effective date. The commissioner may approve the transaction to take effect
immediately. Alternatively, the commissioner may defer the effective date of the transaction for
an additional period not exceeding 30 days, by written notice to the insurer before the expiration
of the initial 30-day period.
(2) The commissioner may, within the 30-day period or its extension, prohibit the
proposed action if it would be contrary to the law or to the interests of insureds, creditors, or the
public in Utah.
Enacted by Chapter 242, 1985 General Session
Download Code Section Zipped WordPerfect 31A14_021300.ZIP 1,917 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Thursday, May 28, 2009