Terms Used In Utah Code > Title 31A > Chapter 23a > Part 3 - Agencies

• 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 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. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Department: means the Insurance Department. 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. 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 Individual: means a natural person. 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 License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301 Managing general agent: means a person that: (i)  manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office; (ii)  acts as an agent for the insurer whether it is known as a managing general agent, manager, or other similar term; (iii)  produces and underwrites an amount of gross direct written premium equal to, or more than, 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year: (A)  with or without the authority; (B)  separately or together with an affiliate; and (C)  directly or indirectly; and (iv)  (A)  adjusts or pays claims in excess of an amount determined by the commissioner; or (B)  negotiates reinsurance on behalf of the insurer. See Utah Code 31A-23a-102 Order: means an order of the commissioner. See Utah Code 31A-1-301 Person: means :Utah Code 68-3-12.5 Political subdivision: means : (a)  a county; (b)  a municipality, as defined in Section 10-1-104; (c)  a special district; (d)  a special service district; (e)  an interlocal entity, as defined in Section 11-13-103; (f)  a community reinvestment agency; (g)  a local building authority; or (h)  a conservation district. See Utah Code 63G-22-102 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 Public employee: means any individual employed by or volunteering for a state agency or a political subdivision who is not a public official. See Utah Code 63G-22-102 Public official: means : (i)  an appointed official or an elected official as those terms are defined in Section 63A-17-502; or (ii)  an individual elected or appointed to a county office, municipal office, school board or school district office, special district office, or special service district office. See Utah Code 63G-22-102 Public official: includes a judge or justice of: (a)  the Utah Supreme Court; (b)  the Utah Court of Appeals; or (c)  a district court. See Utah Code 63G-23-102 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 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 agency: means a department, division, board, council, committee, institution, office, bureau, or other similar administrative unit of the executive branch of state government. See Utah Code 63G-22-102 Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301