(1)  The commissioner is solely responsible for the administration and enforcement of the provisions of this chapter.

Terms Used In Utah Code 31A-16b-102

  • Insurance: includes :
(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
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
    • (2)  This chapter does not:

    (a)  prescribe or impose corporate governance standards or internal procedures beyond what is required under applicable state corporate law; or

    (b)  limit the commissioner’s authority, or the rights or obligations of third parties, under Chapter 2, Administration of the Insurance Laws.

    (3)  The requirements of this chapter apply to each insurer domiciled in the state.

    Enacted by Chapter 193, 2019 General Session

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