UTAH CODE (Last Updated: January 16, 2015) |
Title 31A. Insurance Code |
Chapter 22. Contracts in Specific Lines |
Part 4. Life Insurance and Annuities |
§ 31A-22-411. Insurance policies providing variable benefits.
Latest version.
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(1) An insurance policy that provides for payment of a benefit in a variable amount shall contain a statement of the essential features of the procedure to be followed by the insurer in determining the dollar amount of the variable benefits. (2) A variable insurance policy shall contain: (a) an appropriate nonforfeiture benefit in lieu of those required by either Section 31A-22-408 or 31A-22-409; (b) an appropriate reinstatement provision in lieu of those required by Section 31A-22-407; and (c) a grace period provision appropriate to that type of insurance policy in lieu of those required by Section 31A-22-402. (4) A life insurance or annuity policy with a variable benefit issued under a separate account shall, on either the application or the insurance policy, state that the insurer's liabilities with respect to a variable benefit under the insurance policy are subject to satisfaction only out of the insurer's variable account assets. (5) (a) A variable insurance policy shall state whether it may be amended as to: (i) investment policy; (ii) voting rights; and (iii) conduct of the business and affairs of a separate account. (b) Subject to any preemptive provision of federal law, an amendment of the type described in this Subsection (5) is subject to: (i) filing under Section 31A-21-201; and (ii) approval by a majority of the policyholders in the separate account.
Amended by Chapter 10, 2010 General Session