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2021 Utah Code
Title 31A - Insurance Code
Chapter 16b - Corporate Governance Annual Disclosure Act
Section 108 - Penalties.
Universal Citation:
UT Code § 31A-16b-108 (2021)
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Effective 1/1/2020
31A-16b-108. Penalties.
Enacted by Chapter 193, 2019 General Session
31A-16b-108. Penalties.
- (1) An insurer or insurance group that, without just cause, fails to timely file a corporate governance annual disclosure as required in this chapter shall, after notice and hearing, pay a penalty of $10,000 for each day's delay, up to $300,000.
- (2) Any penalty recovered by the commissioner under this section shall be deposited into the General Fund.
- (3) The commissioner may reduce a penalty under this section if the insurer or insurance group demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.
Enacted by Chapter 193, 2019 General Session
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