Part 1 General Provisions 31A-14-101 – 31A-14-106
Part 2 Authorization of Foreign Insurers 31A-14-201 – 31A-14-217

Terms Used In Utah Code > Title 31A > Chapter 14 - Foreign Insurers

  • Adjudicative proceeding: means :Utah Code 68-3-12.5
  • Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
  • Agency: means :
    (a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and
    (b) an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301
  • Agent: means an individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. See Utah Code 61-1-13
  • Agreement: means the same as that term is defined in Section 59-12-102. See Utah Code 59-28-102
  • Alien insurer: means an insurer domiciled outside the United States. See Utah Code 31A-1-301
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Application: means a document:
    (a) 
    (i) completed by an applicant to provide information about the risk to be insured; and
    (ii) that contains information that is used by the insurer to evaluate risk and decide whether to:
    (A) insure the risk under:
    (I) the coverage as originally offered; or
    (II) a modification of the coverage as originally offered; or
    (B) decline to insure the risk; or
    (b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
  • articles of incorporation: means :
    (a) the original articles;
    (b) a special law;
    (c) a charter;
    (d) an amendment;
    (e) restated articles;
    (f) articles of merger or consolidation;
    (g) a trust instrument;
    (h) another constitutive document for a trust or other entity that is not a corporation; and
    (i) an amendment to an item listed in Subsections (11)(a) through (h). See Utah Code 31A-1-301
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
  • Bona fide office: means a physical office in this state:
    (a) that is open to the public;
    (b) that is staffed during regular business hours on regular business days; and
    (c) at which the public may appear in person to obtain services. See Utah Code 31A-1-301
  • Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Utah Code 61-1-13
  • Business plan: means the information required to be supplied to the commissioner under Subsections 31A-5-204(2)(i) and (j), including the information required when these subsections apply by reference under:
    (a) Section 31A-8-205; or
    (b) Subsection 31A-9-205(2). See Utah Code 31A-1-301
  • Certificate: means evidence of insurance given to:
    (a) an insured under a group insurance policy; or
    (b) a third party. See Utah Code 31A-1-301
  • Certified service provider: means the same as that term is defined in Section 59-12-102. See Utah Code 59-28-102
  • Commission: means the Securities Commission created in Section 61-1-18. See Utah Code 61-1-13
  • Commodity: means , except as otherwise specified by the division by rule:
    (i) an agricultural, grain, or livestock product or byproduct, except real property or a timber, agricultural, or livestock product grown or raised on real property and offered or sold by the owner or lessee of the real property;
    (ii) a metal or mineral, including a precious metal, except a numismatic coin whose fair market value is at least 15% greater than the value of the metal it contains;
    (iii) a gem or gemstone, whether characterized as precious, semi-precious, or otherwise;
    (iv) a fuel, whether liquid, gaseous, or otherwise;
    (v) a foreign currency; and
    (vi) all other goods, articles, products, or items of any kind, except a work of art offered or sold by art dealers, at public auction or offered or sold through a private sale by the owner of the work. See Utah Code 61-1-13
  • consultant: means a person who:
    (a) advises another person about insurance needs and coverages;
    (b) is compensated by the person advised on a basis not directly related to the insurance placed; and
    (c) except as provided in Section 31A-23a-501, is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: means an insurance corporation, except when referring to:
    (i) a corporation doing business:
    (A) as:
    (I) an insurance producer;
    (II) a surplus lines producer;
    (III) a limited line producer;
    (IV) a consultant;
    (V) a managing general agent;
    (VI) a reinsurance intermediary;
    (VII) a third party administrator; or
    (VIII) an adjuster; and
    (B) under:
    (I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;
    (II) Chapter 25, Third Party Administrators; or
    (III) Chapter 26, Insurance Adjusters; or
    (ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dependent: A person dependent for support upon another.
  • Depository institution: means the same as that term is defined in Section 7-1-103. See Utah Code 61-1-13
  • Director: means the director of the division appointed in accordance with Section 61-1-18. See Utah Code 61-1-13
  • Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
  • Division: means the Division of Securities established by Section 61-1-18. See Utah Code 61-1-13
  • Domestic insurer: means an insurer organized under the laws of this state. 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.
  • Exclusion: means for the purposes of accident and health insurance that an insurer does not provide insurance coverage, for whatever reason, for one of the following:
    (a) a specific physical condition;
    (b) a specific medical procedure;
    (c) a specific disease or disorder; or
    (d) a specific prescription drug or class of prescription drugs. See Utah Code 31A-1-301
  • Federal covered adviser: means a person who:
    (i) is registered under Section 203 of the Investment Advisers Act of 1940; or
    (ii) is excluded from the definition of "investment adviser" under Section 202(a)(11) of the Investment Advisers Act of 1940. See Utah Code 61-1-13
  • Federal covered security: means a security that is a covered security under Section 18(b) of the Securities Act of 1933 or rules or regulations promulgated under Section 18(b) of the Securities Act of 1933. See Utah Code 61-1-13
  • 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301
  • Form: means one of the following prepared for general use:
    (i) a policy;
    (ii) a certificate;
    (iii) an application;
    (iv) an outline of coverage; or
    (v) an endorsement. See Utah Code 31A-1-301
  • Fraud: Intentional deception resulting in injury to another.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • insolvent: means that:
    (a) an insurer is unable to pay the insurer's obligations as the obligations are due;
    (b) an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or
    (c) an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301
  • 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
  • Investment adviser: includes a financial planner or other person who:
    (A) as an integral component of other financially related services, provides the investment advisory services described in Subsection (1)(q)(i) to others as part of a business;
    (B) holds the person out as providing the investment advisory services described in Subsection (1)(q)(i) to others; or
    (C) holds the person out as a financial adviser, financial consultant, or any other similar title as the division may specify in rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, in any way as to imply that the person is generally engaged in an investment advisory business, including a person who does not hold a securities license and uses a title described in this Subsection (1)(q)(ii)(C) in any advertising or marketing material. See Utah Code 61-1-13
  • Investment adviser representative: means a partner, officer, director of, or a person occupying a similar status or performing similar functions, or other individual, except clerical or ministerial personnel, who:
    (A) 
    (I) is employed by or associated with an investment adviser who is licensed or required to be licensed under this chapter; or
    (II) has a place of business located in this state and is employed by or associated with a federal covered adviser; and
    (B) does any of the following:
    (I) makes a recommendation or otherwise renders advice regarding securities;
    (II) manages accounts or portfolios of clients;
    (III) determines which recommendation or advice regarding securities should be given;
    (IV) solicits, offers, or negotiates for the sale of or sells investment advisory services; or
    (V) supervises employees who perform any of the acts described in this Subsection (1)(r)(i)(B). See Utah Code 61-1-13
  • Issuer: means a person who issues or proposes to issue a security or has outstanding a security that it has issued. See Utah Code 61-1-13
  • 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
  • Life insurance: means :
    (i) insurance on a human life; and
    (ii) insurance pertaining to or connected with human life. See Utah Code 31A-1-301
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
  • Nonissuer: means not directly or indirectly for the benefit of the issuer. See Utah Code 61-1-13
  • 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
  • Person: means :Utah Code 68-3-12.5
  • 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
  • Person: means :
    (i) an individual;
    (ii) a corporation;
    (iii) a partnership;
    (iv) a limited liability company;
    (v) an association;
    (vi) a joint-stock company;
    (vii) a joint venture;
    (viii) a trust where the interests of the beneficiaries are evidenced by a security;
    (ix) an unincorporated organization;
    (x) a government; or
    (xi) a political subdivision of a government. See Utah Code 61-1-13
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Policy: includes a service contract issued by:
    (i) a motor club under Chapter 11, Motor Clubs;
    (ii) a service contract provided under Chapter 6a, Service Contracts; and
    (iii) a corporation licensed under:
    (A) Chapter 7, Nonprofit Health Service Insurance Corporations; or
    (B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • 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
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
  • producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
  • Promoter: means a person who, acting alone or in concert with one or more persons, takes initiative in founding or organizing the business or enterprise of a person. See Utah Code 61-1-13
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • purchase: means a contract for purchase of, contract to buy, or acquisition of a security or interest in a security for value. See Utah Code 61-1-13
  • Purchaser: means the same as that term is defined in Section 59-12-102. See Utah Code 59-28-102
  • record: means information that is:
    (A) inscribed in a tangible medium; or
    (B) 
    (I) stored in an electronic or other medium; and
    (II) retrievable in perceivable form. See Utah Code 61-1-13
  • Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • 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
  • Security: means a:
    (A) note;
    (B) stock;
    (C) treasury stock;
    (D) bond;
    (E) debenture;
    (F) evidence of indebtedness;
    (G) certificate of interest or participation in a profit-sharing agreement;
    (H) collateral-trust certificate;
    (I) preorganization certificate or subscription;
    (J) transferable share;
    (K) investment contract;
    (L) burial certificate or burial contract;
    (M) voting-trust certificate;
    (N) certificate of deposit for a security;
    (O) certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
    (P) commodity contract or commodity option;
    (Q) interest in a limited liability company;
    (R) life settlement interest; or
    (S) in general, an interest or instrument commonly known as a "security" or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase an item listed in Subsections (1)(ee)(i)(A) through (R). See Utah Code 61-1-13
  • sell: includes a contract for sale of, contract to sell, or disposition of, a security or interest in a security for value. See Utah Code 61-1-13
  • Seller: means the same as that term is defined in Section 59-12-102. See Utah Code 59-28-102
  • Service of process: The service of writs or summonses to the appropriate party.
  • State: means a state, territory, or possession of the United States, the District of Columbia, and Puerto Rico. See Utah Code 61-1-13
  • Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
  • Working days: means 8 a. See Utah Code 61-1-13