Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Corporation: means an insurance corporation, except when referring to:
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
(a)
Immediately after the selection of a person as a director or principal officer, the insurer shall report to the commissioner:
(i)
the name of the person selected as a director or principal officer of a corporation; and
(ii)
pertinent biographical and other data that the commissioner requires by rule.
(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:
(i)
is trustworthy; and
(ii)
has the competence and experience necessary to discharge that person’s responsibilities.
(2)
(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: