1. (1) Each year, a benefit company shall send the benefit report described in Section 48-4-401 to each member:

   1. (a) within 120 days after the day on which the benefit company's fiscal year ends; or
   2. (b) the day on which the benefit company delivers any other annual report to the benefit company's members.

2. (2)

   1. (a) Within five days after the day on which a benefit company sends a benefit report to each member in accordance with Subsection (1), the benefit company shall:

      1. (i) subject to Subsection (2)(b), post a copy of the benefit report on a public portion of the benefit company's website; and
      2. (ii) deliver a copy of the benefit report to the division for filing.
   2. (b) If a benefit company does not have a website, the benefit company shall provide a copy of the benefit report, without charge, to any person who requests a copy.
   3. (c) The benefit company may omit any financial or proprietary information from a copy of a benefit report described in Subsection (2)(a) or (b).
   4. (d) The division may charge a fee established by the division in accordance with Section 63J-1-504 for filing an annual benefit report in accordance with this section.

Renumbered and Amended by Chapter 92, 2026 General Session