Utah Code § 31A-16a-109

Current through the 2024 Fourth Special Session
Section 31A-16a-109 - Sanctions

An insurer failing, without just cause, to timely file the ORSA summary report as required in this chapter is required, after notice and hearing, is subject to a penalty under Section 31A-2-308 for each day's delay, to be recovered by the commissioner and the penalty so recovered shall be paid into the General Fund. The maximum penalty under this section is a penalty permitted under Section 31A-2-308. The commissioner may reduce the penalty if the insurer demonstrates to the commissioner that the imposition of the penalty would constitute a financial hardship to the insurer.

Utah Code § 31A-16a-109

Added by Chapter 168, 2017 General Session ,§ 19, eff. 5/9/2017.