completed by an applicant to provide information about the risk to be insured; and
(ii)
that contains information that is used by the insurer to evaluate risk and decide whether to:
(A)
insure the risk under:
(I)
the coverage as originally offered; or
(II)
a modification of the coverage as originally offered; or
(B)
decline to insure the risk; or
(b)
used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
Bail bond: means a bail bond insurance product for a specified monetary amount that is:
(a)
executed by a bail bond producer licensed in accordance with Section 31A-35-401; and
(b)
issued to a court, magistrate, or authorized officer to secure:
(i)
the release of a person from incarceration; and
(ii)
the appearance of the released person at court hearings the person is required to attend. See Utah Code 31A-35-102
Bail bond agency: means any sole proprietor or entity that:
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
License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
Limited lines producer: means a person who sells, solicits, or negotiates limited lines insurance. See Utah Code 31A-1-301
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
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. 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
sells bail bonds in connection with judicial proceedings. See Utah Code 31A-35-102
(a)
A person may not engage in the bail bond insurance business unless that person:
(i)
is a bail bondagency licensed under this chapter;
(ii)
is a surety insurer that is granted a certificate under this section in the same manner as other insurers doing business in this state are granted certificates of authority under this title; or
(iii)
is a bail bond producer licensed in accordance with this section.
(b)
A bail bond agency shall be licensed under this chapter as an agency.
A person applying for a bail bond agency license under this chapter shall submit to the commissioner:
(a)
a completed applicationform as prescribed by the commissioner;
(b)
a fee as determined by the commissioner in accordance with Section 31A-3-103; and
(c)
any additional information required by rule.
(3)
A fee required under this section is not refundable.
(4)
A fee collected from a bail bond agency shall be deposited into a restricted account created in Section 31A-35-407.
(5)
(a)
A bail bond agency shall be domiciled in Utah.
(b)
A bail bond producer shall be a resident of Utah.
(c)
A foreign surety insurer that is granted a certificate to sell bail bonds may only sell bail bonds through a bail bond agency licensed under this chapter.
