31A-18-107 - Disposal of nonqualified assets.
31A-18-107. Disposal of nonqualified assets.
(1) The commissioner may allow a reasonable time, not longer than 10 years, fordisposal of any investment which was a qualified asset when made, but which, because ofchanges in valuation or changes in the insurer's asset mix, is no longer a qualified asset underSection 31A-17-201.
(2) The commissioner may allow a reasonable time during which an investment which isnot a qualified asset may be characterized as one, but only if the investment was made by mistakeor if the forced sale of the asset would be contrary to the interests of insureds, creditors, or theUtah public.
Enacted by Chapter 242, 1985 General Session