Utah Code 31A-15-101. Purposes
Current as of: 2023 | Check for updates
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It is the purpose of this chapter to:
| (1) | prevent evasion by unauthorized insurers of the regulatory and tax laws of Utah and protect Utah and its residents against loss from that type of evasion; |
| (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 unauthorized insurers and other persons doing an insurance business in Utah to the jurisdiction of the Utah commissioner and courts; |
| (3) | protect authorized insurers from unfair competition by unauthorized insurers; and |
| (4) | provide an orderly method, under reasonable and practical safeguards, for procuring insurance from unauthorized insurers. |
Enacted by Chapter 242, 1985 General Session