Utah Admin. Code 590-226-3

Current through Bulletin 2024-24, December 15, 2024

Section R590-226-3 - Definitions

Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:

(1) "Certification" means a statement that a submitted filing is compliant.

(2) "Compliant" means a filing that is complete and complies with Title 31A, Insurance Code, and Title R590, Administration.

(3) "Data page" means the page or pages in a policy or certificate providing the specific data for the insured and detailing the coverage provided.

(4) "Discretionary group" means a group that is specifically authorized by the commissioner under Section 31A-22-509.

(5) "Electronic filing" means a filing submitted using SERFF.

(6) "Eligible group" means a group that meets the requirements in Sections 31A-22-501.1 through 31A-22-508.

(7) "File and use" means a filing is used, sold, or offered for sale after it is filed with the department.

(8) "Filing objection letter" means a letter issued by the commissioner when a review of a filing determines the filing is not compliant and may require:

(a) correction of non-compliant items;

(b) clarification; or

(c) additional information related to the filing.

(9) "Letter of authorization" means a letter signed by an officer of the insurer giving authority to a third party to submit a filing on behalf of the insurer.

(10) "NAIC Product Coding Matrix" means a numerical coding system developed by the NAIC that provides uniform naming convention, uniform terminology, and uniform description for a type of insurance product in a filing.

(11) "Order to prohibit use" means an order issued by the commissioner prohibiting the use of a filing.

(12) "Qualified actuary" means an individual who is qualified to sign the applicable state of actuarial opinion in accordance with the American Academy of Actuaries qualification standards.

(13) "Rejected" means a filing is:

(a) not compliant;

(b) returned to the insurer stating the reason for rejection; and

(c) not considered filed with the department.

(14) "Resubmission" means a correction, modification, or replacement of a previously rejected, withdrawn, or prohibited filing.

(15) "SERFF" means the System for Electronic Rate and Form Filing.

(16) "Type of insurance" or "TOI" means:

(a) a specific life insurance product identified by the NAIC Product Coding Matrix including term, universal, variable, or whole life; and

(b) a TOI that can be selected in SERFF when submitting a filing in Utah.

(17) "Utah filed date" means the date the department indicates a paper filing is accepted.

Utah Admin. Code R590-226-3

Adopted by Utah State Bulletin Number 2023-09, effective 4/21/2023