completed by an applicant to provide information about the risk to be insured; and
(ii)
that contains information that is used by the insurer to evaluate risk and decide whether to:
(A)
insure the risk under:
(I)
the coverage as originally offered; or
(II)
a modification of the coverage as originally offered; or
(B)
decline to insure the risk; or
(b)
used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
business of insurance: includes :
(a)
providing health care insurance by an organization that is or is required to be licensed under this title;
(b)
providing a benefit to an employee in the event of a contingency not within the control of the employee, in which the employee is entitled to the benefit as a right, which benefit may be provided either:
(i)
by a single employer or by multiple employer groups; or
(ii)
through one or more trusts, associations, or other entities;
(c)
providing an annuity:
(i)
including an annuity issued in return for a gift; and
(ii)
except an annuity provided by a person specified in Subsections 31A-22-1305(2) and (3);
(d)
providing the characteristic services of a motor club;
(e)
providing another person with insurance;
(f)
making as insurer, guarantor, or surety, or proposing to make as insurer, guarantor, or surety, a contract or policy offering title insurance;
(g)
transacting or proposing to transact any phase of title insurance, including:
(i)
solicitation;
(ii)
negotiation preliminary to execution;
(iii)
execution of a contract of title insurance;
(iv)
insuring; and
(v)
transacting matters subsequent to the execution of the contract and arising out of the contract, including reinsurance;
(h)
transacting or proposing a life settlement; and
(i)
doing, or proposing to do, any business in substance equivalent to Subsections (95)(a) through (h) in a manner designed to evade this title. See Utah Code 31A-1-301
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
Life insurance: means :
(i)
insurance on a human life; and
(ii)
insurance pertaining to or connected with human life. See Utah Code 31A-1-301
Market: means the interaction between buyers and sellers consisting of a:
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
Rate: means that cost of insurance per exposure unit either expressed as:
(i)
a single number; or
(ii)
as a pure premium rate, adjusted before any application of individual risk variations, based on loss or expense considerations to account for the treatment of:
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
(2)
(a)
(i)
Except as provided in Subsection (2)(a)(ii), this chapter applies to all kinds and lines of direct insurance written on risks or operations in this state by an insurer authorized to do business in this state.
(ii)
This chapter does not apply to:
(A)
life insurance;
(B)
credit life insurance;
(C)
variable and fixed annuities;
(D)
health and accident and health insurance;
(E)
credit accident and health insurance; and
(F)
reinsurance.
(b)
This chapter applies to all insurers authorized to do any line of business, except those specified in Subsection (2)(a)(ii).
(3)
It is the purpose of this chapter to:
(a)
protect policyholders and the public against the adverse effects of excessive, inadequate, or unfairly discriminatory rates;
(b)
encourage independent action by and reasonable price competition among insurers so that rates are responsive to competitive market conditions;
(c)
provide formal regulatory controls for use if independent action and price competition fail;
(d)
provide regulatory procedures for the maintenance of appropriate data reporting systems;
(e)
authorize cooperative action among insurers in the rate-making process, and regulate that cooperation to prevent practices that bring about a monopoly or lessen or destroy competition;
(f)
encourage the most efficient and economic marketing practices; and
(g)
regulate the business of insurance in a manner that, under the McCarran-Ferguson Act, 15 U.S.C. Secs. 1011 through 1015, will preclude application of federal antitrust laws.
(4)
Rate filings made prior to July 1, 1986, under former Title 31, Chapter 18, are continued. Rate filings made after July 1, 1986, are subject to the requirements of this chapter.
