2006 Utah Code - 31A-18-107 — Disposal of nonqualified assets.

     31A-18-107.   Disposal of nonqualified assets.
     (1) The commissioner may allow a reasonable time, not longer than ten years, for disposal of any investment which was a qualified asset when made, but which, because of changes in valuation or changes in the insurer's asset mix, is no longer a qualified asset under Section 31A-17-201.
     (2) The commissioner may allow a reasonable time during which an investment which is not a qualified asset may be characterized as one, but only if the investment was made by mistake or if the forced sale of the asset would be contrary to the interests of insureds, creditors, or the Utah public.

Enacted by Chapter 242, 1985 General Session