Utah Code 31A-22-509. Commissioner’s authority to approve other groups
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Utah Code 31A-22-509
- Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
(i) a policyholder; (ii) a subscriber; (iii) a member; and (iv) a beneficiary. See Utah Code 31A-1-301 - Policy: includes a service contract issued by:
(i) a motor club under Chapter 11, Motor Clubs; (ii) a service contract provided under Chapter 6a, Service Contracts; and (iii) a corporation licensed under: (A) Chapter 7, Nonprofit Health Service Insurance Corporations; or (B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301 - Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
- Rate: means :
(i) the cost of a given unit of insurance; or (ii) for property or casualty insurance, that cost of insurance per exposure unit either expressed as: (A) a single number; or (B) a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of: (I) expenses; (II) profit; and (III) individual insurer variation in loss experience. See Utah Code 31A-1-301 A policy may be issued to a group other than those specified under Sections 31A-22-502 through 31A-22-508, if specifically authorized by the commissioner and if granting the permission is not contrary to public policy. The commissioner may not grant permission to issue these types of policies unless the insurer demonstrates to the commissioner’s satisfaction that the proposed group would be actuarially sound, would result in economies of acquisition and administration which justify a group rate, and would not present hazards of adverse selection. The premiums for the policy shall be paid by the policyholder, either from the policyholder’s funds or from funds contributed by the covered persons, or from both. Premiums for the policy and any contributions by or on behalf of the insured persons shall be reasonable in relation to the benefits provided.Enacted by Chapter 242, 1985 General Session
- Policy: includes a service contract issued by: