R590. Insurance, Administration.

R590-124. Loss Information Rule.

R590-124-1. Authority.

This rule is promulgated by the commissioner pursuant to Sections 31A-2-201 and 31A-23a-402.

R590-124-2. Purpose and Scope.

(1) The purpose of this rule is to provide for prompt dissemination of loss information between an insurer and an insured.

(2) This rule applies to an insurer licensed in this state to do the following business:

(a) property and casualty;

(b) commercial property and commercial liability;

(c) workers' compensation; or

(d) surplus lines.

(3) This rule does not apply to disability insurance.

R590-124-3. Definitions.

Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:

(1) "First named insured" means the first entity named as a named insured in the declarations of the policy.

(2) "Loss" means the dollar amount paid to an insured or claimant by an insurer on a claim made against an insurance contract.

(3) "Named insured" means a person or organization listed in the policy declarations as the policyholder, or the policyholder's legal representative.

(4) "Notice of occurrence" means notice to an insurer of an occurrence that might result in a claim against an insurance contract.

R590-124-4. Loss Information.

(1) An insurer shall provide loss information to the first named insured within 30 days of the receipt of a written request from the named insured.

(a) Loss information shall be provided for the three most recent policy years in which coverage was provided, or complete loss information if the policy has been in effect less than three years.

(b) An insurer shall advise the first named insured of the right to request the loss information if the insurer initiates the cancellation or the nonrenewal of a policy.

(2) The following loss information must be provided to comply with Subsection (1):

(a) information on closed claims where payment was allowed, including date of occurrence, type of loss, and amount of payments;

(b) information on all open claims, including date of occurrence, type of loss, and amount of payments, if any; and

(c) information on notices of occurrence, including date of occurrence.

(3) The required loss information need only be provided one time in any 12-month period and shall be provided at no cost to the insured.

(4) A loss information request received more than three years after the termination of coverage may be denied.

(5) The loss information required by this rule shall be provided in a format that is clear and understandable to the insured.

R590-124-5. Severability.

If any provision of this rule, Rule R590-124, 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 companies

Date of Last Change: October 25, 2021

Notice of Continuation: December 1, 2022

Authorizing, and Implemented or Interpreted Law: 31A-23a-402