Go to Previous Versions
of
this Section
2025 Utah Code
Title 31A - Insurance Code
Chapter 21 - Insurance Contracts in General
Part 3 - Specific Clauses in Contracts
Section 310 - Dividends on policies.
Universal Citation:
UT Code § 31A-21-310 (2025)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
Effective 5/7/2025
31A-21-310. Dividends on policies.
Amended by Chapter 302, 2025 General Session
31A-21-310. Dividends on policies.
- (1)Section 31A-22-418 applies to life insurance and annuities.
- (2)Any insurer may distribute a portion of surplus attributable to policies other than life insurance or annuities, in amounts and with classifications the board of directors determines to be fair and reasonable. This distribution may not be contingent on the renewal of any policy or of premium payments unless the policy stated that limitation when it was written. A schedule explaining the basis for the distribution shall be filed with the commissioner prior to the distribution. The schedule shall be kept confidential by the commissioner unless the commissioner finds that the interests of insureds and the public require that it be made public.
- (3)Any insurer may distribute surplus to any class of policyholder, even if their policies do not provide for it. A schedule explaining the basis for the distribution shall be filed with the commissioner under Subsection (2) at least 30 days prior to the distribution. The commissioner shall disallow any distribution which is materially unfair to other policyholders or which would place the insurer in a financially hazardous condition.
- (4)It is permissible to provide an indivisible dividend to classes of policyholders having more than one type of policy, including a combination of life or annuities with other types of insurance.
Amended by Chapter 302, 2025 General Session
Disclaimer: These codes may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
