Contract: A legal written agreement that becomes binding when signed.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Corporation: means an insurance corporation, except when referring to:
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.
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
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.
Security: means a:
(i)
note;
(ii)
stock;
(iii)
bond;
(iv)
debenture;
(v)
evidence of indebtedness;
(vi)
certificate of interest or participation in a profit-sharing agreement;
(vii)
collateral-trust certificate;
(viii)
preorganization certificate or subscription;
(ix)
transferable share;
(x)
investment contract;
(xi)
voting trust certificate;
(xii)
certificate of deposit for a security;
(xiii)
certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
(xiv)
commodity contract or commodity option;
(xv)
certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or
(xvi)
another interest or instrument commonly known as a security. See Utah Code 31A-1-301
United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(a)
a governmental unit in the United States or Canada;
(b)
an instrumentality of a governmental unit described in Subsection (1)(a); or
(c)
a private corporation domiciled in the United States;
(2)
an equipment trust obligation or certificate that is an adequately secured instrument:
(a)
evidencing an interest in transportation equipment that is located wholly or in part within the United States; and
(b)
with a right to receive determined portions of the rental, or to purchase other fixed obligatory payments for the use or purchase of the transportation equipment;
(3)
a loan secured by:
(a)
one or more mortgages;
(b)
one or more trust deeds; or
(c)
another statutorily authorized type of security interest in real estate located in the United States;
(4)
a loan secured by a pledged security or evidence of debt eligible for investment under this section;
(5)
a preferred stock of a United States corporation;
(6)
(a)
a common stock of a United States corporation; or
(b)
an American depository receipt if traded on one of the following exchanges:
(i)
New York;
(ii)
American; or
(iii)
NASDAQ;
(7)
real estate that is used as the home office or branch office of the insurer;
(8)
real estate in the United States that produces substantial income;
(9)
a loan upon the security of the insurer’s own policies in an amount that:
(a)
is adequately secured by the policies; and
(b)
does not exceed the surrender value of the policies;
(10)
a financial futures contract used for hedging and not for speculation, as approved under rules adopted by the commissioner;
(11)
an investment in a foreign security of a class permitted under this section as required for compliance with Section 31A-18-103;
(12)
an investment permitted under Subsection 31A-18-102(2);
(13)
an American depository receipt not traded on one of the following exchanges:
(a)
New York;
(b)
American; or
(c)
NASDAQ;
(14)
an investment other than those listed in Subsections (1) through (13) that is determined to be admitted in the Accounting Practices and Procedures Manual, published by the National Association of Insurance Commissioners;
(15)
cash; and
(16)
another investment the commissioner authorizes by rule.
