Utah Code 31A-27a-112. Unrecorded obligations and defenses of affiliates
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(1) This section applies to a person who in relation to an insurer is:
Terms Used In Utah Code 31A-27a-112
- Affiliate: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
- Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
- Controlling person: means a person that directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of a reinsurance intermediary. See Utah Code 31A-1-301
- Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
- 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:(69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;(69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and(69)(a)(iii) accompanied by the appropriate fee in accordance with:(69)(a)(iii)(A) Section
31A-3-103 ; or(69)(a)(iii)(B) rule. See Utah Code 31A-1-301- insurer: means a person who:
(23)(a) is doing, has done, purports to do, or is licensed to do the business of insurance;(23)(b) is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or(23)(c) is included under Section 31A-27a-104. See Utah Code 31A-27a-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.
- Person: includes :
(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301- Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
- receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102
(1)(a) an affiliate;(1)(b) a controlled or controlling person; or(1)(c) a present or former officer, manager, director, trustee, or shareholder.(2) In a proceeding or claim by the receiver, a person described in Subsection (1) may not assert a defense unless evidence of the defense:(2)(a) is recorded in the records of the insurer at or about the time the event giving rise to the defense occurs; and(2)(b) if required by statutory accounting practices and procedures, is timely reported on the insurer’s official financial statements filed with the commissioner.(3) A person described in Subsection (1) may not assert a claim, unless the obligation:(3)(a) is recorded in the records of the insurer at or about the time the obligation is incurred; and(3)(b) if required by statutory accounting practices and procedures, is timely reported on the insurer’s official financial statements filed with the commissioner.(4) A claim by the receiver against a person described in Subsection (1) that is made on the basis of an unrecorded or unreported transaction is not barred by this section. - insurer: means a person who: