{"data":{"id":"us-ut/utah-code-31a-5-410","jurisdiction":"us-ut","citation":"Utah Code § 31A-5-410","heading":"Supervision of management changes.","body":"(1)\n(a) Immediately after the selection of a person as a director or principal officer, the insurer shall report to the commissioner:\n(i) the name of the person selected as a director or principal officer of a corporation; and\n(ii) pertinent biographical and other data that the commissioner requires by rule.\n(b) For five years after the initial issuance of a certificate of authority to a corporation, the commissioner may, within 30 days after receipt of a report under Subsection (1)(a), disapprove any person selected who fails to satisfy the commissioner that the person:\n(i) is trustworthy; and\n(ii) has the competence and experience necessary to discharge that person's responsibilities.\n(2)\n(a) Whenever a director or principal officer of a corporation is removed under a provision listed in Subsection (2)(b), the insurer shall immediately report to the commissioner:\n(i) the removal; and\n(ii) a statement of the reasons for the removal.\n(b) Subsection (2)(a) applies to a removal under:\n(i) Subsection 16-6a-820(4);\n(ii) Section 16-10a-808;\n(iii) Section 16-10a-832; and\n(iv) Subsection 31A-5-409(4).\n(3) The commissioner may order the removal of a director or officer if the commissioner finds, after a hearing, that:\n(a) a director or officer:\n(i) is incompetent;\n(ii) untrustworthy;\n(iii) is not qualified under Section 31A-5-409; or\n(iv) has wilfully violated:\n(A) this title;\n(B) a rule adopted under Subsection 31A-2-201(3); or\n(C) an order issued under Subsection 31A-2-201(4); and\n(b) the circumstances described in Subsection (3)(a) endangers the interests of:\n(i) insureds; or\n(ii) the public.","path":["Title 31A Insurance Code","Chapter 31A-5 Domestic Stock and Mutual Insurance Corporations","Part 31A-5-4 Management of Insurance Corporations"],"source_url":"https://le.utah.gov/xcode/Title31A/Chapter5/31A-5-S410.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"df0652bf991202c30e787881c91838d34d6e8e24fb940b1cc2b170bff4702047","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-31a-5-409","next":"us-ut/utah-code-31a-5-411"},"notice":"GroundRules: Original legal text. Not legal advice."}