§ 11-31-1 Short title
§ 11-31-2 Definitions
§ 11-31-3 Issuance of bonds — Registration for offer and sale

Terms Used In Utah Code > Title 11 > Chapter 31 - Utah Public Finance Act

  • Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
  • Affected guaranty association: means a guaranty association that is or may become liable for payment of a covered claim. See Utah Code 31A-27a-102
  • Affiliate: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
  • Allegation: something that someone says happened.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bonds: means any evidence or contract of indebtedness that is issued or authorized by a public body, including, without limitation, bonds, refunding bonds, advance refunding bonds, bond anticipation notes, tax anticipation notes, notes, certificates of indebtedness, warrants, commercial paper, contracts, and leases, whether they are general obligations of the issuing public body or are payable solely from a specified source, including annual appropriations by the public body. See Utah Code 11-31-2
  • City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Control: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
  • Controlling person: means a person that directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of a reinsurance intermediary. See Utah Code 31A-1-301
  • 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.
  • creditor: means a person having a claim against an insurer whether the claim is:
    (a) matured or not matured;
    (b) liquidated or unliquidated;
    (c) secured or unsecured;
    (d) absolute; or
    (e) fixed or contingent. See Utah Code 31A-27a-102
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Delinquency proceeding: means a:
    (a) proceeding instituted against an insurer for the purpose of rehabilitating or liquidating the insurer; and
    (b) summary proceeding under Section 31A-27a-201. See Utah Code 31A-27a-102
  • Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
  • Employee: means :
    (a) an individual employed by an employer; or
    (b) 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.
  • Filed: means that a filing is:
    (i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;
    (ii) received by the department within the time period provided in applicable statute, rule, or filing order; and
    (iii) accompanied by the appropriate fee in accordance with:
    (A) Section 31A-3-103; or
    (B) rule. See Utah Code 31A-1-301
  • Filing: when used as a noun, means an item required to be filed with the department including:
    (a) a policy;
    (b) a rate;
    (c) a form;
    (d) a document;
    (e) a plan;
    (f) a manual;
    (g) an application;
    (h) a report;
    (i) a certificate;
    (j) an endorsement;
    (k) an actuarial certification;
    (l) a licensee annual statement;
    (m) a licensee renewal application;
    (n) an advertisement;
    (o) a binder; or
    (p) an outline of coverage. See Utah Code 31A-1-301
  • Formal delinquency proceeding: means a rehabilitation or liquidation proceeding. See Utah Code 31A-27a-102
  • Fraud: Intentional deception resulting in injury to another.
  • Governing body: means collectively the legislative body and the executive of any municipality. See Utah Code 10-1-104
  • Governmental entity: means :
    (a) an agency, as that term is defined in Section 63G-10-102;
    (b) the School and Institutional Trust Lands Administration created in Section 53C-1-201;
    (c) the School and Institutional Trust Lands Board of Trustees created in Section 53C-1-202; or
    (d) a political subdivision, as that term is defined in Section 63L-11-102. See Utah Code 63L-12-101
  • Guaranty association: means :
    (a) a mechanism mandated by Chapter 28, Guaranty Associations; or
    (b) a similar mechanism in another state that is created for the payment of claims or continuation of policy obligations of a financially impaired or insolvent insurer. See Utah Code 31A-27a-102
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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
  • Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
    (i) a policyholder;
    (ii) a subscriber;
    (iii) a member; and
    (iv) a beneficiary. See Utah Code 31A-1-301
  • insurer: means a person who:
    (a) is doing, has done, purports to do, or is licensed to do the business of insurance;
    (b) is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or
    (c) is included under Section 31A-27a-104. See Utah Code 31A-27a-102
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Moderate income housing: means housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the median gross income for households of the same size in the county in which the housing is located. See Utah Code 63L-12-101
  • Municipal: means of or relating to a municipality. See Utah Code 10-1-104
  • Municipality: means the same as that term is defined in Section 10-1-104. See Utah Code 63L-12-101
  • Netting agreement: includes :
    (i) a term or condition incorporated by reference in the contract or agreement described in Subsection (25)(a); or
    (ii) a master agreement described in Subsection (25)(a). See Utah Code 31A-27a-102
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Order: means an order of the commissioner. See Utah Code 31A-1-301
  • Party in interest: means :
    (a) the commissioner;
    (b) a nondomiciliary commissioner in whose state the insurer has outstanding claims liabilities;
    (c) an affected guaranty association; and
    (d) the following parties if the party files a request with the receivership court for inclusion as a party in interest and to be on the service list:
    (i) an insurer that ceded to or assumed business from the insurer;
    (ii) a policyholder;
    (iii) a third party claimant;
    (iv) a creditor;
    (v) a 10% or greater equity security holder in the insolvent insurer; and
    (vi) a person, including an indenture trustee, with a financial or regulatory interest in the delinquency proceeding. See Utah Code 31A-27a-102
  • Person: includes :
    (a) an individual;
    (b) a partnership;
    (c) a corporation;
    (d) an incorporated or unincorporated association;
    (e) a joint stock company;
    (f) a trust;
    (g) a limited liability company;
    (h) a reciprocal;
    (i) a syndicate; or
    (j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
  • Policy: includes all clauses, riders, endorsements, and papers that are a part of a policy. See Utah Code 31A-27a-102
  • Premium: includes , however designated:
    (i) an assessment;
    (ii) a membership fee;
    (iii) a required contribution; or
    (iv) monetary consideration. See Utah Code 31A-1-301
  • Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
  • Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Public body: means the state and any public department, public agency, or other public entity existing under the laws of the state, including, without limitation, any agency, authority, instrumentality, or institution of the state, and any county, city, town, municipal corporation, quasi-municipal corporation, state university or college, school district, special service district, special district, separate legal or administrative entity created under the Interlocal Cooperation Act or other joint agreement entity, community reinvestment agency, and any other political subdivision, public authority, public agency, or public trust existing under the laws of the state. See Utah Code 11-31-2
  • qualified financial contract: means any of the following:
    (a) a commodity contract;
    (b) a forward contract;
    (c) a repurchase agreement;
    (d) a securities contract;
    (e) a swap agreement; or
    (f) a similar agreement that the commissioner determines by rule or order to be a qualified financial contract for purposes of this chapter. See Utah Code 31A-27a-102
  • Rate: means :
    (i) the cost of a given unit of insurance; or
    (ii) for property or casualty insurance, that cost of insurance per exposure unit either expressed as:
    (A) a single number; or
    (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:
    (I) expenses;
    (II) profit; and
    (III) individual insurer variation in loss experience. See Utah Code 31A-1-301
  • real property: includes :Utah Code 68-3-12.5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102
  • receivership: means a rehabilitation, liquidation, or ancillary receivership. See Utah Code 31A-27a-102
  • receivership court: refers to the court in which a delinquency proceeding is pending. See Utah Code 31A-27a-102
  • Record: when used as a noun, means information or data, in whatever form maintained, including:
    (a) a book;
    (b) a document;
    (c) a paper;
    (d) a file;
    (e) an application file;
    (f) a policyholder list;
    (g) policy information;
    (h) a claim or claim file;
    (i) an account;
    (j) a voucher;
    (k) a litigation file;
    (l) a premium record;
    (m) a rate book;
    (n) an underwriting manual;
    (o) a personnel record;
    (p) a financial record; or
    (q) other material. See Utah Code 31A-27a-102
  • Reinsurance: means a transaction or contract under which an assuming insurer agrees to indemnify a ceding insurer against all, or a part, of a loss that the ceding insurer may sustain under the one or more policies that the ceding insurer issues or will issue. See Utah Code 31A-27a-102
  • Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. 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
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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
  • State: means a state, district, or territory of the United States. See Utah Code 31A-27a-102
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Town: means a municipality classified by population as a town under Section 10-2-301. See Utah Code 10-1-104
  • Writing: includes :Utah Code 68-3-12.5