Excess and Surplus Lines Insurer Annual Statements

BULLETIN 91-2

EXCESS AND SURPLUS LINES INSURER ANNUAL STATEMENTS

This bulletin supersedes Bulletin 88-1(a) which was issued December 1, 1990.

Changes in Chapter 15 of Title 31A, Utah Code, requires changes in procedures

for the filing of annual statements and financial reports by recognized excess and

surplus lines insurers. One of the conditions for being included on the

commissioner's list of recognized surplus lines insurers is that the insurer must

deliver ...to the commissioner a copy of its current annual statement certified by

the insurer and continues each subsequent year to file its annual statements with

the commissioner within 60 days of its filing with the insurance regulatory

authority where it is domiciled. (Section 31A-15-103(6)(d)(iii))

In most cases, this means United States companies must file the annual

statement by May 1 of each year. For alien companies it will depend on the laws

of the domiciliary authority.

The following procedures must be followed in submitting the annual statement:

The certified statement must be submitted to the Utah Insurance

Department within the time limit prescribed.

1.

An annual statement filing fee of $250, drawn on a United States bank and

made payable to the Utah Insurance Department, must be included when

filing the annual statement.

2.

The front cover of the statement must be clearly marked with the words

"SURPLUS LINES."

3.

The name and address of a person to contact about the company's surplus

lines business in Utah must be provided.

4.

For United States companies, the required annual statement size is the size

specified by the National Association of Insurance Commissioners.

5.

Quarterly statements should be submitted only when requested by the

department.

6.

Failure to follow these procedures may result in removal from the commissioner's

list of recognized surplus lines companies.

DATED this 2nd day of September 1991

ovided.

4.

For United States companies, the required annual statement size is the size

specified by the National Association of Insurance Commissioners.

5.

Quarterly statements should be submitted only when requested by the

department.

6.

Failure to follow these procedures may result in removal from the commissioner's

list of recognized surplus lines companies.

DATED this 2nd day of September 1991.

________________________________

Utah Insurance

Commissioner

[Back to Top]

Bulletin

http://www.insurance.utah.gov/bulletin/91-2.htm

1 of 1

6/25/2008 3:46 PM