UTA LEG Insurance Amendments

On Mar. 1, UTA LEG reported bill on insurance-related provisions.

  • UTA LEG passed bill SB 31 in order to make a number of insurance amendments.
  • Bill amends UTA INS 31A-1-103, UTA INS 31A-1-301, UTA INS 31A-2-201.2, UTA INS 31A-2-211, UTA INS 31A-2-215, UTA INS 31A-2-216, and UTA INS 31A-2-308.
  • Bill Provisions
  • Exempts a health care sharing ministry from regulation under the Insurance Code if the health care sharing ministry makes certain disclosures to participants.
  • Requires that the Commissioner evaluate annually the state's health insurance market and provide that evaluation to the Health and Human services interim committee.
  • Clarifies the scope of the consumer assistance that the commissioner provides.
  • Authorizes insurer to electronically deliver policy document to insured in situations.
  • Modifies the commissioner's enforcement authority to accept, compromise a forfeiture.
  • Addresses the allowable amount of a rate or other charge used by a title insurer.
  • Requires that certain licensees report to commissioner any civil action filed against the licensee or prospective licensee and conduct re to professional or occupational license.
  • Institutes new capital and net worth requirements for title insurance producers.
  • Requires that the commissioner conduct a study and produce a report relating to lowering health benefit plan insurance premiums and market stabilization.
  • Legislative History
  • On Jan. 16, 2024, bill was introduced in Senate; on Feb. 5, 2024, bill passed Senate.
  • On Feb. 5, 2024, bill was introduced in House; on Feb. 29, 2024, bill passed House.
  • On Mar. 1, 2024, bill was sent for enrolling; pending governor review and approval.
  • Effectiveness
  • Bill SB0031 provisions take effect on May 1, 2024.
  • Mar. 13, 2024 UTA LEG Governor Approval
  • On Mar. 13, 2024, UTA LEG reported that the governor signed bill SB 31 into law.

Regulators UTA LEG
Entity Types Corp; Ins
Reference PR, Bill, 3/13/2024; Bill, SB0031S03, 3/1/2024; Citation: *UTA INS* 31A-1-103, 31A-1-301, 31A-2-201.2, 31A-2-211, 31A-2-215, 31A-2-216, 31A-2-308;
Functions Compliance; Financial; Legal; Registration/Licensing
Countries United States of America
Products Corporate; Insurance; Insurance-Casualty; Insurance-Health; Insurance-Life; Insurance-Property
Regions Am
Rule Type Final
Rule Date 3/1/2024
Effective Date 5/1/2024
Rule Id 203131
Linked to N/A
Reg. Last Update 3/13/2024
Report Section US Insurance

Last substantive update on 03/18/2024