2006 Utah Code - 31A-15-208 — Purchasing groups -- Filing and registration requirements.31A-15-208. Purchasing groups -- Filing and registration requirements.
(1) A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the insurance commissioner:
(a) identifying the state in which the group is domiciled;
(b) identifying all other states in which the group intends to do business;
(c) specifying the lines and classifications of liability insurance which the purchasing group intends to purchase;
(d) identifying the insurance companies from which the group intends to purchase its insurance and the domicile of the company;
(e) specifying the method by which, and any persons through whom insurance will be offered to group members whose risks are resident or located in this state;
(f) identifying the principal place of business of the group; and
(g) providing any other information required by the insurance commissioner to verify that the purchasing group is qualified within the definition in Subsection 31A-15-202 (10).
(2) A purchasing group shall notify the commissioner of any changes in any of the items in Subsection (1) within ten days of the change.
(3) The purchasing group shall register with the commissioner and pay a filing fee. The group shall designate the commissioner as its agent solely for the purpose of receiving service of legal documents or process. The registration and fee requirements of this subsection do not apply to a purchasing group which only purchases insurance that was authorized under the Product Liability Risk Retention Act of 1981, and which:
(a) in any state of the United States:
(i) was domiciled before April 1, 1986; and
(ii) is domiciled after October 27, 1986;
(b) (i) before October 27, 1986, purchased insurance from an insurance carrier licensed in any state; and
(ii) since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state; or
(c) was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986.
(4) Each purchasing group that is required to give notice under Subsection (1) shall also furnish information required by the commissioner to:
(a) verify that the entity qualifies as a purchasing group;
(b) determine where the purchasing group is located; and
(c) determine appropriate tax treatment of the group.
Enacted by Chapter 258, 1992 General Session
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