Utah Admin. Code 590-227-3

Current through Bulletin 2024-20, October 15, 2024

Section R590-227-3 - 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) "Contract" means an annuity policy including attached endorsements and riders.

(4) "Data page" means the page or pages in a contract or certificate providing the specific data for the annuitant and detailing the coverage provided.

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

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

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

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

(9) "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.

(10) "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.

(11) "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.

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

(13) "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.

(14) "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.

(15) "Resubmission" means a correction, modification, or replacement of a previously rejected, withdrawn, or prohibited filing.

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

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

(a) a specific type of annuity product identified by the NAIC Product Coding Matrix including equity indexed annuity, single premium immediate annuity, modified guaranteed annuity, deferred annuity, or variable annuity; and

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

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

Utah Admin. Code R590-227-3

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