Utah Code > Title 31A > Chapter 23a > Part 8 – Reinsurance Intermediaries
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Terms Used In Utah Code > Title 31A > Chapter 23a > Part 8 - Reinsurance Intermediaries
- 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
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Application: means a document:
(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. 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
- City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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 - County legislative body: means :Utah Code 68-3-12.5
- 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.
- Fiduciary: A trustee, executor, or administrator.
- 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 - 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 - Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of 7:
(a) a risk retention group as defined in: (i) the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102 - 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
- License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
- Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
- 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 - Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- 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 - Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- 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
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Quorum: The number of legislators that must be present to do business.
- 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 - 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
- Reinsurance intermediary: means :
(a) a reinsurance intermediary-broker; or (b) a reinsurance intermediary-manager. See Utah Code 31A-23a-102 - Reinsurance intermediary-broker: means a person other than an officer or employee of the ceding insurer, firm, association, or corporation who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the insurer. See Utah Code 31A-23a-102
- Reinsurance intermediary-manager: means a person who:
(i) has authority to bind or who manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office; and (ii) acts as an agent for the reinsurer whether the person is known as a reinsurance intermediary-manager, manager, or other similar term. See Utah Code 31A-23a-102 - Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301
- Resident: is a s defined by rule made by the commissioner in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-23a-102
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Retrocession: means reinsurance with another insurer of a liability assumed under a reinsurance contract. 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
- Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
- Terminate: means :
(a) the cancellation of the relationship between: (i) an individual licensee or agency licensee and a particular insurer; or (ii) an individual licensee and a particular agency licensee; or (b) the termination of: (i) an individual licensee's or agency licensee's authority to transact insurance on behalf of a particular insurance company; or (ii) an individual licensee's authority to transact insurance on behalf of a particular agency licensee. See Utah Code 31A-23a-102 - under common control: means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person. See Utah Code 31A-1-301
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
- Writing: includes :Utah Code 68-3-12.5