Section R590-227-8 - Additional Procedures for Group Annuity Filings(1) A group annuity filing shall comply with: (a) Title 31A, Chapter 21, Insurance Contracts in General;(b) Title 31A, Chapter 22, Part 4, Life Insurance and Annuities;(c) Title 31A, Chapter 22, Part 5, Group Life Insurance; and(2) An insurer shall determine if a group is an eligible group or a discretionary group. (a) Eligible Group. (i) A filing for an eligible group shall include a Utah Life and Annuity Group Questionnaire.(ii) A questionnaire shall be completed for each eligible group under Sections 31A-22-501.1 through 31A-22-508.(iii) When a filing applies to more than one employer or employee group, only one questionnaire is required.(b) Discretionary Group. (i) If a group is not an eligible group, specific discretionary group authorization shall be obtained.(ii) If a filing is submitted without discretionary group authorization, the filing shall be rejected.(iii) To obtain discretionary group authorization, a compliant Utah Life and Annuity Request for Discretionary Group Authorization shall be submitted.(c) A change to an authorized discretionary group shall be submitted to the department within 30 days of the change.(d) The commissioner may periodically re-evaluate a group's authorization.(e) An insurer shall file a separate discretionary group authorization to add another TOI to a previously authorized group.Utah Admin. Code R590-227-8
Adopted by Utah State Bulletin Number 2023-09, effective 4/21/2023