{"data":{"id":"us-ut/utah-code-31a-22-411","jurisdiction":"us-ut","citation":"Utah Code § 31A-22-411","heading":"Insurance policies providing variable benefits.","body":"(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.\n(2) A variable insurance policy shall contain:\n(a) an appropriate nonforfeiture benefit in lieu of those required by either Section 31A-22-408 or 31A-22-409;\n(b) an appropriate reinstatement provision in lieu of those required by Section 31A-22-407; and\n(c) a grace period provision appropriate to that type of insurance policy in lieu of those required by Section 31A-22-402.\n(3) An individual insurance policy and a certificate issued under a group insurance policy shall conspicuously state on its first page that:\n(a) the dollar amount may decrease or increase according to investment experience; and\n(b) a benefit under the insurance policy is payable on a variable basis.\n(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.\n(5)\n(a) A variable insurance policy shall state whether it may be amended as to:\n(i) investment policy;\n(ii) voting rights; and\n(iii) conduct of the business and affairs of a separate account.\n(b) Subject to any preemptive provision of federal law, an amendment of the type described in this Subsection (5) is subject to:\n(i) filing under Section 31A-21-201; and\n(ii) approval by a majority of the policyholders in the separate account.","path":["Title 31A Insurance Code","Chapter 31A-22 Contracts in Specific Lines","Part 31A-22-4 Life Insurance and Annuities"],"source_url":"https://le.utah.gov/xcode/Title31A/Chapter22/31A-22-S411.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"d63fc1f3a00f5ebf924bba90cc9eae2031360f0ac22f4a5d3917a6116f455a54","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-31a-22-410","next":"us-ut/utah-code-31a-22-412"},"notice":"GroundRules: Original legal text. Not legal advice."}