Rule detail : 245471

UTA LEG Insurance Modifications

Updated on: Mar 28, 2025

Mar. 25, 2025 UTA LEG Bill Approval
On Mar. 25, 2025, UTA LEG reported bill approval by governor, effective May 7, 2025.

UTA LEG passed HB 0023 clarifying and amending provisions related to insurance.
Amends UTA INS 31A (insurance)and UTA LEG 61-2g-5-502-61-2g-502 (disciplinary).
Bill Highlights
Clarifies circumstances where public agency insurance mutual, reserve fund is exempt.
Restricts practicing as individual title licensee if certain other licenses are also held.
Also, adds definitions for agency captive, cell, incorporated cell, and pooling captive.
In addition, defines marketable securities as they relate to paid-in capital requirements
Amends provisions related to investment requirements of insurance companies.
Authorizes captive insurance companies participating in pooling to insure certain risks.
Allows stop-loss insurers to contract with certain small employers after Jul. 1, 2025.
Amends grounds for disciplinary action related to title licensees and false statements.
Legislative History
On Jan. 21, 2025, bill introduced in House; on Feb. 10, 2025, bill passed the House.
On Feb. 11, 2025, bill introduced in Senate; on Feb. 27, 2025, bill passed the Senate.
On Feb. 28, 2025, House concurred; on Mar. 4, 2025, draft of enrolled bill prepared.
Effectiveness
If approved, bill provisions related to insurance will take effect May 7, 2025.
Mar. 25, 2025 UTA LEG Bill Approval
On Mar. 25, 2025, UTA LEG reported bill approval by governor, effective May 7, 2025.

Regulators

UTA LEG

Entity Types

Ins

Reference

Bill, 3/25/2025; Bill HB0023, 3/4/2025; Citation: UTA INS 31A; UTA LEG 61-2g-5-502-61-2g-502;

Functions

Compliance; Financial; Fraud; Legal; Product Administration; Registration/Licensing; Reinsurance; Risk; Treasury; Underwriting

Countries

United States of America