Utah Code 31A-23a-907. Market conduct and penalties
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Terms Used In Utah Code 31A-23a-907
- 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 - License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
- Limited lines travel insurance producer: means one of the following designated by an insurer as the travel insurance supervising entity as provided in Subsection 31A-23a-905(4):
(a) a licensed managing general agent or third party administrator; or (b) a licensed insurance producer, including a limited lines producer. See Utah Code 31A-23a-902 - 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
- Travel insurance: means insurance coverage for personal risks incident to planned travel, including:
(i) interruption or cancellation of a trip or event; (ii) loss of baggage or personal effects; (iii) damages to accommodations or rental vehicles; (iv) sickness, accident, disability, or death during travel; (v) emergency evacuation; (vi) repatriation of remains; or (vii) a contractual obligation that indemnifies or pays a specified amount to the traveler upon a determinable contingency related to travel. See Utah Code 31A-23a-902 - Travel retailer: means a business entity that:
(a) makes, arranges, or offers a travel service; and (b) may offer and disseminate travel insurance as a service to the entity's customers on behalf of and under the direction of a limited lines travel insurance producer. See Utah Code 31A-23a-902 31A-23a-907. Market conduct and penalties.
A limited lines travel insurance producer and any travel retailer offering and disseminating travel insurance under the limited lines travel insurance producer license are subject to Sections 31A-2-308, 31A-23a-402, and 31A-23a-402.5.Enacted by Chapter 277, 2014 General Session