Utah has enacted House Bill 58 to make insurance code modifications. Below are a few highlighted changes within the bill. Please read the bill in its entirety for a full understanding of all its provisions.

31A-4-113(2)(a)

This section requires each authorized insurer to file with the commissioner and the NAIC a true statement of the insurer's financial condition, transactions, and affairs within 45 days after the close of the first, second, and third quarters of a calendar year.

31A-5-420 & 31A-21-310

These sections both relate to the payment of dividends. Among other provisions, Section 31A-5-420 was amended to add that an insurer should file a schedule explaining the basis for a dividend distribution with the commissioner at least 30 days before the day on which the distribution occurs. Section 31A-21-310 was amended to indicate that, unlike Section 31A-5-420, it does not apply to a member dividend that a mutual insurer or mutual insurance holding company pays; instead, it is applicable to dividends on policies. 

31A-26-401, 402, 404, 405, & 406

Among other provisions, these sections add requirements pertaining to public adjusters, including required contracts, compensation, funds held, certain standards of conduct, and record retention requirements. 

31A-26-403.1

This section states that a property insurance policy may prohibit the assignment of a right or benefit under the property insurance policy to the specified types of companies or professionals hired to remedy the damage that is the subject of an insured's claim. Additionally, a property insurance policy may not prohibit the assignment of a right or a benefit under the policy to a policy adjuster.

Please see House Bill 58 for more information on the above sections and the other provisions included within the bill.