A depository institution authorized to do business in this state under this title may directly, or indirectly through a subsidiary or affiliate, engage in the following insurance activities:
Terms Used In Utah Code 7-1-901
Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
(a)
holds or receives deposits, savings, or share accounts;
(b)
issues certificates of deposit; or
(c)
provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
(a)
engage in the insurance business as defined under Section 31A-1-301 except as may be limited by federal law;
(b)
act as an insurance producer or consultant as defined under Section 31A-1-301; or
(c)
engage in insurance adjusting as defined in Section 31A-26-102.
(2)
A depository institution, subsidiary, or affiliate, that engages in insurance activities authorized under Subsection (1) shall be subject to Title 31A, Insurance Code.
