(1)  This chapter applies to all persons doing an insurance business in Utah.

Terms Used In Utah Code 31A-16-101

  • Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301
  • 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
  • Insurance holding company system: means a group of two or more affiliated persons, at least one of whom is an insurer. See Utah Code 31A-1-301
  • Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
    • (2)  The purposes of this chapter include:

    (a)  exercising surveillance over the acquisition of a domestic insurer, to ensure that in the process of making it part of an insurance holding company system, the interests of policyholders, shareholders, and the public are not harmed;

    (b)  providing the regulatory monitoring of those intercorporate relationships and transactions among affiliates within an insurance holding company system that may affect the solidity of insurers;

    (c)  controlling the payment of dividends that might affect the solidity of insurers; and

    (d)  providing, in appropriate cases, recoupment of dividends paid.

    Enacted by Chapter 242, 1985 General Session

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