A person may not conduct an insurance business in Utah in person, through an agent, through a broker, through the mail, or through another method of communication, except:
Terms Used In Utah Code 31A-4-102
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.
Captive insurance company: means :
(a)
an insurer:
(i)
owned by a parent organization; and
(ii)
whose purpose is to insure risks of the parent organization and other risks as authorized under:
an individual who meets the requirements of Subsection (53)(b). 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.
Insurance: includes :
(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
another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
Security: means a:
(i)
note;
(ii)
stock;
(iii)
bond;
(iv)
debenture;
(v)
evidence of indebtedness;
(vi)
certificate of interest or participation in a profit-sharing agreement;
(vii)
collateral-trust certificate;
(viii)
preorganization certificate or subscription;
(ix)
transferable share;
(x)
investment contract;
(xi)
voting trust certificate;
(xii)
certificate of deposit for a security;
(xiii)
certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
(xiv)
commodity contract or commodity option;
(xv)
certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or
(xvi)
another interest or instrument commonly known as a security. See Utah Code 31A-1-301
Statute: A law passed by a legislature.
United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
an insurer doing business under Section 31A-15-103;
(d)
a person who submits to the commissioner a certificate from the United StatesDepartment of Labor, or such other evidence as satisfies the commissioner, that the laws of Utah are preempted with respect to specified activities of that person by Section 514 of the Employee Retirement Income Security Act of 1974 or other federal law; or
(e)
a person exempt from this title under Section 31A-1-103 or another applicable statute.
(2)
As used in this section, “insurer” includes a bail bond surety company, as defined in Section 31A-35-102.
Amended by Chapter 290, 2014 General Session Amended by Chapter 300, 2014 General Session
