Consumer Frequently Asked Questions
DISCLAIMER: Any response provided here is based upon the information that you provided, which may be limited. Our response, therefore, may not apply in all cases.
For Frequently Asked Questions for licensees, please visit this page.
The department’s website provides a feature for searching for an insurance company or a producer (agent). If the company is not found, call the Life Insurance Section at 801-957-9290 or toll-free 800-439-3805 for an extended search.
No, however, companies licensed to sell life insurance, health insurance, and annuities in Utah are required by law to be a member of the Utah Life and Health Insurance Guaranty Association (ULHIGA). If a company licensed in Utah becomes insolvent and is unable to pay claims, the law requires ULHIGA to pay some of the claims. The benefits are for residents of Utah; if you move to another state, you may be eligible for benefits from that state’s guaranty association. The caps are $200,000 for net cash surrender value, $500,000 for death benefits, and $250,000 for annuities. See the Notice that is required to accompany an insurance policy for specific details.
The department does not rate insurance companies. There are private companies that do provide ratings and they can be accessed on the internet. The rating companies known to the department are A.M. Best Company, Fitch Ratings, Kroll Bond Rating Agency, Moody’s Investors Service, Standard & Poors, and Weiss Ratings.
The Life Insurance Section can assist you with a complaint about your life insurance company, agency, or life insurance producer (agent). A complaint form is available on our website or you can call us at 801-957-9290 or toll-free 800-439-3805 to receive a complaint form by mail.
The department regulates the business of insurance in Utah. We do not have records for individual policies and there is no national registry for life insurance policies. If you believe a person was insured but are unable to locate the policy, we suggest that you:
- search bank and credit card records for at least the previous year for premium payments to any insurance company.
- contact current and previous employers to see if life insurance was provided.
- contact union or association if a member.
- ask family and friends if the name of an insurance company was ever mentioned.
- contact the insurance company that provided auto and homeowner’s insurance in case life insurance was also purchased.
- as a last resort, consider using a search company. An internet search on “lost life insurance” will provide companies that will contact insurance companies for you. Be sure to ask what service is offered and the cost.
Access to the Utah insurance laws and administrative rules is available on our Legal Resources page.
The department has no authority to make an insurance company pay a claim. The department does, however, require insurance companies to follow claim practices set forth in Utah Administrative Code Rule R590-191. Generally, an insurance company must act within 15 days of receipt of the claim. If additional information is needed by the insurance company to evaluate the claim, the insurance company must inform the claimant of the investigation and must keep the claimant informed every 30 days. If claim payment is delayed more than 60 days, please contact the Life Insurance Section for assistance.
Utah Code Annotated 31A-22-423 requires that each life insurance policy may be returned to the insurance company within 10 days of delivery to you and a full refund of premium paid is required. The period is extended to 30 days if the policy replaced another life insurance policy. The exact instructions will be on the front of the policy.
A spouse that is designated as a revocable beneficiary designation will be revoked automatically at divorce. Please review Utah Code Annotated Section 75-2-804.
We would be happy to review your policy with you but have you called the insurance company or agent? The insurance company will know the features of your policy better than we and will be able to provide specific current details about your policy. If you would still like us to review the policy, please call 801-957-9290 or toll-free at 800-439-3805 to arrange a convenient time for an appointment.
The department is not able to answer this type of question for you; however, you may want to review Utah Code Annotated Section 78B-5-505 or consult a legal professional.
The Producer Licensing Division at 801-957-9240 answers all producer licensing questions.
The Company Licensing Division at 801-957-9252 answers all insurance company licensing and renewal questions.
Please contact Tyler McIntosh of the Utah Tax Commission at 801-297-7705 for the rate or any other questions about premium taxes.
I received a notice that my insurance company has been liquidated. Can you answer a question?
If the company was domiciled in Utah, please call the Liquidation Office at 801-799-7401. If the company was domiciled in another state, that state insurance department will have the information for you. To locate contact information for other state insurance departments, go to http://naic.org/state_web_map.htm.