Utah Code 31A-31-108.5. Insurance Fraud Victim Restitution Fund
Current as of: 2023 | Check for updates
|
Other versions
| (1) | There is created an expendable special revenue fund known as the “Insurance Fraud Victim Restitution Fund.” |
| (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) | The Insurance Fraud Victim Restitution Fund shall consist of money ordered paid under Subsections 31A-31-109(1)(a)(i) and (2)(a). |
| (3) | The commissioner shall administer the Insurance Fraud Victim Restitution Fund for the sole benefit of insurance fraud victims. |
Enacted by Chapter 319, 2013 General Session