R590. Insurance, Administration.R590-155. Utah Life and Health Insurance Guaranty Association Summary Document.
R590-155-1. Authority.
This rule is promulgated by the commissioner pursuant to Sections 31A-2-201 and 31A-28-119.
R590-155-2. Purpose and Scope.
(1) The purpose of this rule is to provide guidelines regarding the form and content of the Utah Life and Health Insurance Guaranty Association summary and disclosure document.
(2) This rule applies to a life insurance policy, a health insurance policy, and an annuity contract.
R590-155-3. Definitions.
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1) "Contract holder" means the holder of an annuity contract.
R590-155-4. Rule.
(1) An insurer shall disclose to a policyholder and to a contract holder that the Utah Life and Health Guaranty Association may not cover the contractual guarantees in the policy or contract.
(2) The disclosure required in Subsection (1) shall be:
(a) in writing;
(b) given before or at the time a policy, contract, or certificate is delivered;
(c) available upon request by a policyholder, an enrollee, or a contract holder; and
(d) filed with the commissioner.
(3) The disclosure required in Subsection (1) shall use the text in the Utah Life and Health Insurance Guaranty Association's Notice of Protection, which is available on the department's website, https://insurance.utah.gov.
R590-155-5. Severability.
If any provision of this rule, Rule R590-155, or its application to any person or situation is held invalid, such invalidity does not affect any other provision or application of this rule that can be given effect without the invalid provision or application. The remainder of this rule shall be given effect without the invalid provision or application.
KEY: insurance
Date of Last Change: January 24, 2022
Notice of Continuation: December 1, 2022
Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-28-119
