Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-280 - Counting Short-Term Funds
Section R590-280-4 - Requirements for Counting Short-Term Funds

Universal Citation: UT Admin Code R 590-280-4

Current through Bulletin 2024-06, March 15, 2024

An insurer may count short-term funds for the purposes specified under Title 31A, Chapter 17, Part 6, Risk-Based Capital, if:

(1) the total amount of short-term funds, set forth in the insurer's annual or quarterly statutory financial statement that was last filed with the NAIC, does not exceed the following:

(a) 1.5% of the insurer's total assets determined under Subsection 31A-18-106(4); and

(b) 15% of the insurer's capital and surplus;

(2) the duration of each loan does not exceed 150 days;

(3) the insurer provides satisfactory proof of compliance with this rule, upon request;

(4) the filing of the insurer's most recent RBC report did not qualify as an action level event or as a control level event under Title 31A, Chapter 17, Part 6, Risk-Based Capital; and

(5) at the time of the insurer's loan to the SBA borrower, the insurer is not subject to administrative action under Title 31A, Chapter 27, Part 5, Administrative Actions.

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