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2021 Utah Code
Title 31A - Insurance Code
Chapter 16a - Risk Management and Own Risk and Solvency Assessment Act
Section 109 - Sanctions.
Universal Citation:
UT Code § 31A-16a-109 (2021)
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Effective 5/9/2017
31A-16a-109. Sanctions.
An insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter is required, after notice and hearing, is subject to a penalty under Section 31A-2-308 for each day's delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the General Fund. The maximum penalty under this section is a penalty permitted under Section 31A-2-308. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
Enacted by Chapter 168, 2017 General Session
31A-16a-109. Sanctions.
An insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter is required, after notice and hearing, is subject to a penalty under Section 31A-2-308 for each day's delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the General Fund. The maximum penalty under this section is a penalty permitted under Section 31A-2-308. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
Enacted by Chapter 168, 2017 General Session
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