- (1) "Certification" means a statement that a submitted filing is compliant.
- (2) "Compliant" means a filing that is complete and complies with Title 31A, Insurance Code, and Title R590, Administration.
- (3) "Contract" means an annuity policy including attached endorsements and riders.
- (4) "Data page" means the page or pages in a contract or certificate providing the specific data for the annuitant and detailing the coverage provided.
- (5) "Discretionary group" means a group that is authorized by the commissioner under Section 31A-22-509.
- (6) "Electronic filing" means a filing submitted using SERFF.
- (7) "Eligible group" means a group that meets the requirements in Sections 31A-22-501.1 through 31A-22-508.
- (8) "File and use" means a filing is used, sold, or offered for sale after it is filed with the department.
(9) "Filing objection letter" means a letter issued by the commissioner when a review of a filing determines the filing is not compliant and may require:
- (a) correction of non-compliant items;
- (b) clarification; or
- (c) additional information related to the filing.
- (10) "Letter of authorization" means a letter signed by an officer of the insurer giving authority to a third party to submit a filing on behalf of the insurer.
- (11) "NAIC Product Coding Matrix" means a numerical coding system developed by the NAIC that provides uniform naming convention, uniform terminology, and uniform description for a type of insurance product in a filing.
- (12) "Order to prohibit use" means an order issued by the commissioner prohibiting the use of a filing.
- (13) "Qualified actuary" means an individual who is qualified to sign the applicable state of actuarial opinion in accordance with the American Academy of Actuaries qualification standards.
(14) "Rejected" means a filing is:
- (a) not compliant;
- (b) returned to the insurer stating the reason for rejection; and
- (c) not considered filed with the department.
- (15) "Resubmission" means a correction, modification, or replacement of a previously rejected, withdrawn, or prohibited filing.
- (16) "SERFF" means the System for Electronic Rate and Form Filing.
(17) "Type of insurance" or "TOI" means:
- (a) a specific type of annuity product identified by the NAIC Product Coding Matrix including equity indexed annuity, single premium immediate annuity, modified guaranteed annuity, deferred annuity, or variable annuity; and
- (b) a TOI that can be selected in SERFF when submitting a filing in Utah.
- (18) "Utah filed date" means the date the department indicates a paper filing is accepted.
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
KEY: annuity insurance filings
Date of Last Change: May 1, 2023
Notice of Continuation: March 7, 2024
Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-2-201.1; 31A-2-202