Section R590-143-2 - Purpose and Scope(1) The purpose of this rule is to:(a) recognize that a licensed insurer may enter into a reinsurance agreement that yields legitimate relief to a ceding insurer; and(b) establish criteria for a licensed insurer to enter into a reinsurance agreement.(2)(a) This rule applies to: (i) a domestic life insurer;(ii) a domestic accident and health insurer;(iii) a foreign life insurer not subject to a similar rule in its domiciliary state;(iv) a foreign accident and health insurer not subject to a similar rule in its domiciliary state; and(v) a property and casualty insurer with respect to its accident and health insurance business.(b) This rule does not apply to: (i) assumption reinsurance;(ii) yearly renewable term reinsurance; and(iii) certain nonproportional reinsurance, such as stop-loss or catastrophe reinsurance.Utah Admin. Code R590-143-2
Amended by Utah State Bulletin Number 2022-07, effective 3/16/2022