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Senate advances major insurance code amendments aligned with NAIC recommendations
Summary
Senators advanced a package of insurance code changes designed to align Utah law with National Association of Insurance Commissioners (NAIC) model provisions, including holding-company rules, annual CPA audits, and actuarial opinion requirements. Sponsors said the changes followed lengthy interim committee work and industry engagement.
Senate Bill 23, a comprehensive set of amendments to the insurance code, was advanced on the Senate floor after sponsors described months of interim committee study and agreement among industry representatives and the Insurance Commissioner’s office. Senator Chuck Peterson summarized nine principal changes, including updated accounting practices, adoption of holding-company standards, mandatory CPA audits for domestic insurance companies, requirements for actuarial opinions on reserves, adoption of a regulatory information system, and improved oversight of reinsurance intermediaries.
Peterson told the chamber the bill was developed in a subcommittee and unanimously recommended by the interim business and labor committee; he said the draft had been discussed with industry representatives and insurance department personnel and sought to bring Utah into conformity with national regulatory trends. Senators expressed concerns about potential changes to state immunity statutes and possible agency relationships created by the bill; the floor record shows staff were asked to prepare language to address those issues and that the bill was being prepared for third-reading consideration.
A roll call on the floor recorded the Senate’s movement of the bill toward third reading with 23 ayes on the read, and senators noted potential amendments could be offered as staff clarifies statutory interactions.
