Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Annuity: means an agreement to make periodical payments for a period certain or over the lifetime of one or more individuals if the making or continuance of all or some of the series of the payments, or the amount of the payment, is dependent upon the continuance of human life. See Utah Code 31A-1-301
Association: means the Utah Life and Health Insurance Guaranty Association continued under Section 31A-28-106. See Utah Code 31A-28-105
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
Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
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
Trustee: means "director" when referring to the board of directors of a corporation. See Utah Code 31A-1-301
Trustee: A person or institution holding and administering property in trust.
(a)
There is continued under this part the nonprofit legal entity known as the Utah Life and Health Insurance Guaranty Association created under former provisions of this title.
(b)
All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state.
(c)
The association shall:
(i)
perform its functions under the plan of operation established and approved under Section 31A-28-110; and
(ii)
exercise the association’s powers through the board of directors.
(d)
The association shall allocate assessments among the following classes or subclasses:
(i)
the life insurance and annuity class, which includes the following subclasses:
(A)
the life insurance subclass;
(B)
the annuity subclass:
(I)
which includes annuity contracts owned by a governmental retirement plan, or its trustee, established under Section 401, 403(b), or 457, Internal Revenue Code; and
(II)
otherwise excludes unallocated annuities; and
(C)
the unallocated annuity subclass, which excludes contracts owned by a governmental retirement benefit plan, or its trustee, established under Sections 401, 403(b), or 457, Internal Revenue Code; and
(ii)
the accident and health insurance class.
(2)
(a)
The association shall:
(i)
come under the immediate supervision of the commissioner; and
(ii)
be subject to the applicable provisions of the insurance laws of this state.
(b)
Meetings or records of the association may be opened to the public upon majority vote of the board of directors.
