Utah Code 31A-41-304. Insufficient funds to satisfy judgment
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If the money in the fund is insufficient to satisfy a claim ordered to be paid under Section 31A-41-303, when sufficient money is in the fund, the department shall pay a person with an unpaid claim:
(1) in the order that petitions related to unpaid claims are originally served on the department; and
Terms Used In Utah Code 31A-41-304
- Department: means the Insurance Department. See Utah Code 31A-1-301
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Fund: means the Title Insurance Recovery, Education, and Research Fund created in Section 31A-41-201. See Utah Code 31A-41-102
- Order: means an order of the commissioner. See Utah Code 31A-1-301
- Person: includes :(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
- Rate: means :
(163)(a)(i) the cost of a given unit of insurance; or(163)(a)(ii) for property or casualty insurance, that cost of insurance per exposure unit either expressed as:(163)(a)(ii)(A) a single number; or(163)(a)(ii)(B) a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of:(163)(a)(ii)(B)(I) expenses;(163)(a)(ii)(B)(II) profit; and(163)(a)(ii)(B)(III) individual insurer variation in loss experience. See Utah Code 31A-1-301(2) an amount equal to the sum of:(2)(a) the unpaid claim; and(2)(b) interest on the unpaid claim at a rate of 5% per annum from the date the court orders payment from the fund until the day on which the claim is paid. - Rate: means :