Controlling person: means a person that directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of a reinsurance intermediary. See Utah Code 31A-1-301
Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
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.
Filed: means that a filing is:
(i)
submitted to the department as required by and in accordance with applicable statute, rule, or filing order;
(ii)
received by the department within the time period provided in applicable statute, rule, or filing order; and
(iii)
accompanied by the appropriate fee in accordance with:
is doing, has done, purports to do, or is licensed to do the business of insurance;
(b)
is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or
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.
Person: includes :
(a)
an individual;
(b)
a partnership;
(c)
a corporation;
(d)
an incorporated or unincorporated association;
(e)
a joint stock company;
(f)
a trust;
(g)
a limited liability company;
(h)
a reciprocal;
(i)
a syndicate; or
(j)
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102
(a)
an affiliate;
(b)
a controlled or controlling person; or
(c)
a present or former officer, manager, director, trustee, or shareholder.
(2)
In a proceeding or claim by the receiver, a person described in Subsection (1) may not assert a defense unless evidence of the defense:
(a)
is recorded in the records of the insurer at or about the time the event giving rise to the defense occurs; and
(b)
if required by statutory accounting practices and procedures, is timely reported on the insurer’s official financial statements filed with the commissioner.
(3)
A person described in Subsection (1) may not assert a claim, unless the obligation:
(a)
is recorded in the records of the insurer at or about the time the obligation is incurred; and
(b)
if required by statutory accounting practices and procedures, is timely reported on the insurer’s official financial statements filed with the commissioner.
(4)
A claim by the receiver against a person described in Subsection (1) that is made on the basis of an unrecorded or unreported transaction is not barred by this section.
