Utah Code 31A-1-102. Purposes
Current as of: 2023 | Check for updates
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The purposes of the Insurance Code are to:
| (1) | ensure the solidity of insurers doing business in Utah; |
| (i) | a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; |
| (ii) | a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and |
| (iii) | a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 |
| (2) | ensure that policyholders, claimants, and insurers are treated fairly and equitably; |
| (3) | ensure that Utah has an adequate and healthy insurance market, characterized by competitive conditions, the spirit of innovation, and the exercise of initiative; |
| (4) | provide for an insurance department that is expert in the field of insurance and able to enforce the Insurance Code effectively; |
| (5) | encourage cooperation between the Insurance Department and other Utah regulatory bodies, as well as other federal and state governmental entities; |
| (6) | preserve and improve state regulation of insurance; |
| (7) | maintain freedom of contract and enterprise; |
| (8) | encourage self regulation of the insurance industry; |
| (9) | encourage loss prevention as part of the insurance industry; |
| (10) | keep the public informed on insurance matters; and |
| (11) | achieve other purposes stated elsewhere in the Insurance Code. |
Enacted by Chapter 242, 1985 General Session