Utah Code 31A-23a-101. Purposes
Current as of: 2023 | Check for updates
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The purposes of this chapter include:
| (1) | promoting the professional competence of insurance producers, surplus lines producers, limited line producers, consultants, managing general agents, and reinsurance intermediaries; |
| (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) | providing maximum freedom of marketing methods for insurance, consistent with the interests of the Utah public; |
| (3) | preserving and encouraging competition at the consumer level; |
| (4) | regulating insurance marketing practices in conformity with the general purposes of this title; |
| (5) | governing the qualifications and procedures for the licensing of insurance producers, surplus lines producers, limited line producers, consultants, managing general agents, and reinsurance intermediaries; and |
| (6) | promoting uniform licensing requirements between the several states. |
Amended by Chapter 253, 2012 General Session