Terms Used In Utah Code > Title 31A > Chapter 23a > Part 7 - Producer Controlled Insurers

• Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
• Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Military Installation Development Authority, created under Section 63H-1-201. See Utah Code 63H-1-102
• Base taxable value: means :

  (a)	for military land or other land that was exempt from a property tax at the time that a project area was created that included the military land or other land, a taxable value of zero; or

  (b)

  for private property that is included in a project area, the taxable value of the property within any portion of the project area, as designated by board resolution, from which the property tax allocation will be collected, as shown upon the assessment roll last equalized: (i)  before the year in which the authority creates the project area; or (ii)  before the year in which the project area plan is amended, for property added to a project area by an amendment to a project area plan. See Utah Code 63H-1-102 Board: means the governing body of the authority created under Section 63H-1-301. See Utah Code 63H-1-102 board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301 Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Contract: A legal written agreement that becomes binding when signed. Controlled insurer: means a licensed insurer that is either directly or indirectly controlled by a producer. See Utah Code 31A-1-301 Controlling producer: means a producer who directly or indirectly controls an insurer. See Utah Code 31A-1-301 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. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Dedicated tax collections: means the property tax that remains after the authority is paid the property tax allocation the authority is entitled to receive under Subsection 63H-1-501(1), for a property tax levied by: (i)  a county, including a district the county has established under Subsection 17-34-3(2) to levy a property tax under Title 17, Chapter 34, Municipal-Type Services to Unincorporated Areas; or (ii)  an included municipality. See Utah Code 63H-1-102 Deed: The legal instrument used to transfer title in real property from one person to another. Development: includes the demolition, construction, reconstruction, modification, expansion, maintenance, operation, or improvement of a building, facility, utility, landscape, parking lot, park, trail, or recreational amenity. See Utah Code 63H-1-102 Development project: means a project to develop land within a project area. See Utah Code 63H-1-102 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Fiduciary: A trustee, executor, or administrator. Filed: means that a filing is: (i)  submitted to the department as required by and in accordance with applicable statute, rule, or filing order; (ii)  received by the department within the time period provided in applicable statute, rule, or filing order; and (iii)  accompanied by the appropriate fee in accordance with: (A)  Section 31A-3-103; or (B)  rule. See Utah Code 31A-1-301 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. 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 Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes: (i)  a policyholder; (ii)  a subscriber; (iii)  a member; and (iv)  a beneficiary. See Utah Code 31A-1-301 Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of 7: (a)  a risk retention group as defined in: (i)  the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Land: includes :Utah Code 68-3-12.5 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Liability insurance: includes : (i)  vehicle liability insurance; (ii)  residential dwelling liability insurance; and (iii)  making inspection of, and issuing a certificate of inspection upon, an elevator, boiler, machinery, or apparatus of any kind when done in connection with insurance on the elevator, boiler, machinery, or apparatus. See Utah Code 31A-1-301 Lien: A claim against real or personal property in satisfaction of a debt. Military: includes , in relation to property, property that is occupied by the military and is owned by the government of the United States or the state. See Utah Code 63H-1-102 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Municipal services revenue: means revenue that the authority: (a)  collects from the authority's: (i)  levy of a municipal energy tax; (ii)  levy of a MIDA energy tax; (iii)  levy of a telecommunications tax; (iv)  imposition of a transient room tax; and (v)  imposition of a resort communities tax; (b)  receives under Subsection 59-12-205(2)(a)(ii)(B); and (c)  receives as dedicated tax collections. See Utah Code 63H-1-102 Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning a substantive benefit, term, or condition of the contract if the person engaged in that act: (a)  sells insurance; or (b)  obtains insurance from insurers for purchasers. See Utah Code 31A-23a-102 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Order: means an order of the commissioner. See Utah Code 31A-1-301 Person: means :Utah Code 68-3-12.5 Person: includes : (a)  an individual; (b)  a partnership; (c)  a corporation; (d)  an incorporated or unincorporated association; (e)  a joint stock company; (f)  a trust; (g)  a limited liability company; (h)  a reciprocal; (i)  a syndicate; or (j)  another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301 Policy: includes a service contract issued by: (i)  a motor club under Chapter 11, Motor Clubs; (ii)  a service contract provided under Chapter 6a, Service Contracts; and (iii)  a corporation licensed under: (A)  Chapter 7, Nonprofit Health Service Insurance Corporations; or (B)  Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301 Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301 Premium: includes , however designated: (i)  an assessment; (ii)  a membership fee; (iii)  a required contribution; or (iv)  monetary consideration. See Utah Code 31A-1-301 producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301 Project area: means the land, including military land, whether consisting of a single contiguous area or multiple noncontiguous areas, described in a project area plan or draft project area plan, where the development project set forth in the project area plan or draft project area plan takes place or is proposed to take place. See Utah Code 63H-1-102 Project area budget: means a multiyear projection of annual or cumulative revenues and expenses and other fiscal matters pertaining to a project area that includes: (a)  the base taxable value of property in the project area; (b)  the projected property tax allocation expected to be generated within the project area; (c)  the amount of the property tax allocation expected to be shared with other taxing entities; (d)  the amount of the property tax allocation expected to be used to implement the project area plan, including the estimated amount of the property tax allocation to be used for land acquisition, public improvements, infrastructure improvements, and loans, grants, or other incentives to private and public entities; (e)  the property tax allocation expected to be used to cover the cost of administering the project area plan; (f)  if the property tax allocation is to be collected at different times or from different portions of the project area, or both: (i)  (A)  the tax identification numbers of the parcels from which the property tax allocation will be collected; or (B)  a legal description of the portion of the project area from which the property tax allocation will be collected; and (ii)  an estimate of when other portions of the project area will become subject to collection of the property tax allocation; and (g)  for property that the authority owns or leases and expects to sell or sublease, the expected total cost of the property to the authority and the expected selling price or lease payments. See Utah Code 63H-1-102 Property: includes both real and personal property. See Utah Code 68-3-12.5 Property tax: includes a privilege tax imposed under Title 59, Chapter 4, Privilege Tax, except as described in Subsection (20)(b), and each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 63H-1-102 Property tax allocation: means the difference between: (a)  the amount of property tax revenues generated each tax year by all taxing entities from the area within a project area designated in the project area plan as the area from which the property tax allocation is to be collected, using the current assessed value of the property; and (b)  the amount of property tax revenues that would be generated from that same area using the base taxable value of the property. See Utah Code 63H-1-102 Public entity: means : (a)  the state, including each department or agency of the state; or (b)  a political subdivision of the state, including the authority or a county, city, town, school district, special district, special service district, or interlocal cooperation entity. See Utah Code 63H-1-102 Public infrastructure and improvements: includes : (i)  facilities, lines, or systems that harness geothermal energy or provide water, chilled water, steam, sewer, storm drainage, natural gas, electricity, or telecommunications; (ii)  streets, roads, curb, gutter, sidewalk, walkways, tunnels, solid waste facilities, parking facilities, public transportation facilities, and parks, trails, and other recreational facilities; (iii)  snowmaking equipment and related improvements that can also be used for water storage or fire suppression purposes; and (iv)  a building and related improvements for occupancy by the public, the authority, the military, or military-related entities. See Utah Code 63H-1-102 Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301 Remaining municipal services revenue: means municipal services revenue that the authority has not: (a)  spent during the authority's fiscal year for municipal services as provided in Subsection 63H-1-503(1); or (b)  redirected to use in accordance with Subsection 63H-1-502(3). See Utah Code 63H-1-102 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 Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Taxable value: means the value of property as shown on the last equalized assessment roll. See Utah Code 63H-1-102 Terminate: means : (a)  the cancellation of the relationship between: (i)  an individual licensee or agency licensee and a particular insurer; or (ii)  an individual licensee and a particular agency licensee; or (b)  the termination of: (i)  an individual licensee's or agency licensee's authority to transact insurance on behalf of a particular insurance company; or (ii)  an individual licensee's authority to transact insurance on behalf of a particular agency licensee. See Utah Code 31A-23a-102 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5