31A-28-112 - Reports.
31A-28-112. Reports.
(1) The commissioner shall:
(a) report to the board of directors when:
(i) the commissioner takes an action set forth in Section 31A-27a-201;
(ii) an event described in Section 31A-17-603, 31A-17-604, or 31A-17-605 occurs; or
(iii) the commissioner receives a report from any other commissioner indicating that anaction described in Subsection (1)(a)(i) has been taken in another state;
(b) include in the report to the board of directors required by Subsection (1)(a):
(i) the significant details of the action taken;
(ii) the significant details of an event described in Subsection (1)(a)(ii); or
(iii) the report received from another commissioner;
(c) promptly report to the board of directors when the commissioner has reasonable causeto believe from an examination of any member insurer, whether completed or in process, that theinsurer may be an impaired or insolvent insurer; and
(d) furnish to the board of directors the National Association of InsuranceCommissioners Insurance Regulatory Information System ratios and listings of companies notincluded in the ratios developed by the National Association of Insurance Commissioners.
(2) (a) The board of directors may use the information contained in the ratios and listingsdescribed in Subsection (1)(d) in carrying out the board of directors' duties and responsibilitiesunder this part.
(b) The board of directors shall keep the report and the information contained in theratios and listings confidential until the commissioner or other lawful authority publishes theinformation.
(3) The commissioner may seek the advice and recommendations of the board ofdirectors concerning any matter affecting the commissioner's duties and responsibilities regardingthe financial condition of member insurers and companies seeking admission to transactinsurance business in this state.
(4) (a) The board of directors may make reports and recommendations to thecommissioner upon any matter germane to:
(i) the solvency, liquidation, rehabilitation, or conservation of any member insurer; or
(ii) the solvency of any company seeking to do an insurance business in this state.
(b) The reports and recommendations of the board of directors described in Subsection(4)(a) are not public documents.
(5) The board of directors may, upon majority vote, notify the commissioner of anyinformation indicating a member insurer may be an impaired or insolvent insurer.
(6) The board of directors may make recommendations to the commissioner for thedetection and prevention of insurer insolvencies.
(7) (a) At the conclusion of any insurer insolvency in which the association wasobligated to pay covered claims, the board of directors shall prepare a report to the commissionercontaining the information the board of directors has in its possession bearing on the history andcauses of the insolvency.
(b) In preparing a report on the history and causes of insolvency of a particular insurer,the board of directors may cooperate with:
(i) the board of directors of a guaranty association in another state; or
(ii) an organization described in Subsection 31A-28-108(16).
(c) The board of directors may adopt by reference any report prepared by:
(i) a guaranty association in another state; or
(ii) an organization described in Subsection 31A-28-108(16).
Amended by Chapter 292, 2010 General Session