Utah Code 31A-14-101. Purposes of chapter
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This chapter’s purposes are to:
(1) | protect insureds, creditors, and the public by providing adequate standards and an orderly procedure for the authorization of foreign insurers; |
(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 |
(2) | subject foreign insurers doing an insurance business in Utah to the jurisdiction of the Utah commissioner and courts; and |
(3) | provide Utah policyholders dealing with foreign insurers with regulatory protection equivalent to that provided to Utah policyholders dealing with domestic insurers. |
Enacted by Chapter 242, 1985 General Session