R590. Insurance, Administration.R590-276. Record Retention for Foreign Insurers, Alien Insurers, Commercially Domiciled Insurers, Foreign Title Insurers, and Foreign Fraternals.
R590-276-1. Authority.
This rule is promulgated by the commissioner pursuant to Sections 31A-2-201, 31A-14-205.5, and 31A-23a-412.
R590-276-2. Purpose and Scope.
(1) The purpose of this rule is to establish record retention requirements for:
(a) a foreign insurer;
(b) an alien insurer;
(c) a commercially domiciled insurer;
(d) a foreign title insurer; and
(e) a foreign fraternal.
(2) This rule applies to a foreign insurer, alien insurer, commercially domiciled insurer, foreign title insurer, or foreign fraternal licensed to do business in Utah.
R590-276-3. Definitions.
Terms used in this rule are defined in Section 31A-1-301.
R590-276-4. Retention Requirements.
(1) Except as provided in Subsection (2), the retention requirement for the books and records of an insurer or fraternal subject to Title 31A, Chapter 14, Foreign Insurers, is three years plus the current year.
(2)(a) The retention requirement for the books and records of a foreign title insurer, including records related to title search, examination, and underwriting used for determining insurability, is 15 years, pursuant to Subsection 31A-20-110(1).
(b) The retention requirement for books and records related to escrow transactions involving real property is three years plus the current year, pursuant to Subsection 31A-23a-412(5).
(3) All books and records shall be made available during normal business hours.
(4) Nothing in this section prohibits electronically stored books and records.
R590-276-5. Severability.
If any provision of this rule, Rule R590-276, 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, record retention
Date of Last Change: January 10, 2023
Notice of Continuation: April 20, 2023
Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-14-205.5(5)(a); 31A-23a-412(5)
