Utah Code > Title 17 > Chapter 21a > Part 4 – Relationship to Other Laws
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Other versions
§ 17-21a-401 | Title |
§ 17-21a-402 | Uniformity of application and construction |
§ 17-21a-403 | Relation to Electronic Signatures in Global and National Commerce Act |
Terms Used In Utah Code > Title 17 > Chapter 21a > Part 4 - Relationship to Other Laws
- Advertising: includes the following, if the requirements of Subsection (1)(a) are met:
(i) a written, electronic, or printed communication; (ii) a communication by means of a recorded telephone message; (iii) a communication transmitted on radio, television, the Internet, or similar communications media; and (iv) a film strip, motion picture, or video. See Utah Code 31A-36-102 - Agency: means :
(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and (b) an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301 - Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Department: means the Insurance Department. See Utah Code 31A-1-301
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Utah Code 17-21a-102
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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 - Financing entity: includes , if the requirements of Subsection (5)(a) are met, the following:
(i) an underwriter; (ii) a placement agent; (iii) an enhancer of credit; (iv) a lender; (v) a purchaser of securities; and (vi) a purchaser of a policy from a life settlement provider. See Utah Code 31A-36-102 - Form: means , in addition to a form as defined in Section 31A-1-301:
(a) a life settlement; (b) a disclosure to an owner; (c) a notice of intent to settle; or (d) a verification of coverage. See Utah Code 31A-36-102 - Individual: means a natural person. See Utah Code 31A-1-301
- 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 - Life settlement: includes :
(i) the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns a policy if the trust or other entity is formed or operated for the principal purpose of acquiring one or more policies; or (ii) a premium finance loan made for a policy by a lender to an owner on, before, or after the date of issuance of the policy if the owner: (A) receives on the date of the premium finance loan a guarantee of a future life settlement value of the policy; or (B) agrees on the date of the premium finance loan to sell the policy or any portion of the policy's death benefit on a date following the issuance of the policy. See Utah Code 31A-36-102 - Life settlement producer: means a person licensed in the state as a life insurance producer that on behalf of an owner and for consideration offers or attempts to negotiate a life settlement between the owner and one or more life settlement providers. See Utah Code 31A-36-102
- Life settlement provider: means a person other than an owner that enters into or effectuates a life settlement. See Utah Code 31A-36-102
- 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.
- Owner: means any of the following who resides in this state and seeks to enter into a life settlement:
(i) the owner of a policy; or (ii) the holder of a certificate of a group policy. See Utah Code 31A-36-102 - 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: means :
(a) an individual or group life insurance policy; (b) an individual or group annuity policy; (c) a group life insurance certificate; (d) a group annuity certificate; or (e) a life insurance policy or an annuity policy, whether or not delivered or issued for delivery in Utah: (i) affecting the rights of a resident of Utah; or (ii) bearing a reasonable relation to Utah. See Utah Code 31A-36-102 - Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- 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
- Related provider trust: means a trust established by a licensed life settlement provider or a financing entity solely to hold the ownership of or beneficial interests in purchased policies in connection with financing. See Utah Code 31A-36-102
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Special purpose entity: means an entity formed by a licensed life settlement provider solely to enable the life settlement provider to gain access to institutional markets for capital. See Utah Code 31A-36-102
- Agency: means :