(1)  Except as provided in this section, domestic nontraditional insurers are subject to the same provisions applicable to other domestic insurers, and nondomestic nontraditional insurers are subject to the same provisions applicable to other nondomestic insurers.

Terms Used In Utah Code 31A-10-203

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • 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
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
    • (2)  Nontraditional insurers are not subject to:

    (a)  Section 31A-5-211;

    (b)  Section 31A-5-217;

    (c)  Subsection 31A-14-205(1)(a);

    (d)  Chapter 17, Determination of Financial Condition;

    (e)  Chapter 18, Investments;

    (f)  Section 31A-20-106;

    (g)  Chapter 21, Insurance Contracts in General, if:

    (i)  their contract forms have been approved by the appropriate regulatory authorities in their state of domicile; and

    (ii)  these contract forms are standard forms generally issued by those nontraditional insurers in the United States;

    (h)  Chapter 22, Contracts in Specific Lines; or

    (i)  Chapter 28, Guaranty Associations.

    Amended by Chapter 230, 2003 General Session

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