Utah Code 31A-26-101. Purposes
Current as of: 2023 | Check for updates
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The purposes of this chapter are:
(1) | to promote the professional competence of those engaged in claims adjusting; |
(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) | to encourage fair and rapid settlement of claims; |
(3) | to protect claimants under insurance policies from unfair claims adjustment practices; |
(4) | to prevent compensation arrangements for insurance adjusters that endanger the fairness of claim settlements; and |
(5) | to govern the qualifications and procedures for the licensing of insurance adjusters. |
Amended by Chapter 116, 2001 General Session