Only a corporation incorporated and licensed under 2, may do business in this state as an organization.
Terms Used In Utah Code 31A-8-301
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Corporation: means an insurance corporation, except when referring to:
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
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
(2)
To do business in this state as an organization, a foreign corporation doing a similar business in other states shall incorporate a subsidiary and license it under 2, for its Utah business. Except as to Chapter 16, Insurance Holding Companies, the laws applicable to a domestic organization apply only to the domestic organization and not to its foreign parent corporation.
