Utah Code 31A-4-114. Powers of a reciprocal insurer and interinsurance exchange

(1)

Every reciprocal insurer or interinsurance exchange may:

Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
Contract: A legal written agreement that becomes binding when signed.
Deed: The legal instrument used to transfer title in real property from one person to another.
Interinsurance exchange: means the same as that term is defined in Subsection (163). See Utah Code 31A-1-301
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
Property: includes both real and personal property. See Utah Code 68-3-12.5
Sell: means to exchange a contract of insurance:

(a)	by any means;

(b)	for money or its equivalent; and

(c)	on behalf of an insurance company. See Utah Code 31A-1-301
(a)	purchase, receive, own, hold, and lease its property;

(b)	mortgage, pledge, or encumber its property by deed of trust or otherwise; and

(c)

manage and sell real property to fulfill its purposes, including:

(i)	making investments for the production of income; or

(ii)	transacting its business in a convenient manner.

(2)	The attorney-in-fact designated by the subscribers of the reciprocal or interinsurance exchange shall execute any contract, which includes deeds, leases, mortgages, deeds of trust, purchase or sale agreements, or any other contract, in the name of the reciprocal insurer or interinsurance exchange.

Enacted by Chapter 327, 1990 General Session