Terms Used In Utah Code > Title 31A > Chapter 37a - Special Purpose Financial Captive Insurance Company Act

• Adversely affected party: means a person other than a land use applicant who:

  (a)	owns real property adjoining the property that is the subject of a land use application or land use decision; or

  (b)

  will suffer a damage different in kind than, or an injury distinct from, that of the general community as a result of the land use decision. See Utah Code 17-27a-103 Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths. 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 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. Amendment: means an endorsement to an insurance policy or certificate. See Utah Code 31A-1-301 Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant. Appeal authority: means the person, board, commission, agency, or other body designated by ordinance to decide an appeal of a decision of a land use application or a variance. See Utah Code 17-27a-103 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 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Bequest: Property gifted by will. board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301 business of insurance: includes : (a)  providing health care insurance by an organization that is or is required to be licensed under this title; (b)  providing a benefit to an employee in the event of a contingency not within the control of the employee, in which the employee is entitled to the benefit as a right, which benefit may be provided either: (i)  by a single employer or by multiple employer groups; or (ii)  through one or more trusts, associations, or other entities; (c)  providing an annuity: (i)  including an annuity issued in return for a gift; and (ii)  except an annuity provided by a person specified in Subsections 31A-22-1305(2) and (3); (d)  providing the characteristic services of a motor club; (e)  providing another person with insurance; (f)  making as insurer, guarantor, or surety, or proposing to make as insurer, guarantor, or surety, a contract or policy offering title insurance; (g)  transacting or proposing to transact any phase of title insurance, including: (i)  solicitation; (ii)  negotiation preliminary to execution; (iii)  execution of a contract of title insurance; (iv)  insuring; and (v)  transacting matters subsequent to the execution of the contract and arising out of the contract, including reinsurance; (h)  transacting or proposing a life settlement; and (i)  doing, or proposing to do, any business in substance equivalent to Subsections (95)(a) through (h) in a manner designed to evade this title. See Utah Code 31A-1-301 Captive insurance company: means : (a)  an insurer: (i)  owned by a parent organization; and (ii)  whose purpose is to insure risks of the parent organization and other risks as authorized under: (A)  Chapter 37, Captive Insurance Companies Act; and (B)  Chapter 37a, Special Purpose Financial Captive Insurance Company Act; or (b)  in the case of a group or association, an insurer: (i)  owned by the insureds; and (ii)  whose purpose is to insure risks of: (A)  a member organization; (B)  a group member; or (C)  an affiliate of: (I)  a member organization; or (II)  a group member. 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 Charter school: means : (i)  an operating charter school; (ii)  a charter school applicant that a charter school authorizer approves in accordance with 3; or (iii)  an entity that is working on behalf of a charter school or approved charter applicant to develop or construct a charter school building. See Utah Code 17-27a-103 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. County legislative body: means :Utah Code 68-3-12.5 Creditor: means a person, including an insured, having a claim, whether: (a)  matured; (b)  unmatured; (c)  liquidated; (d)  unliquidated; (e)  secured; (f)  unsecured; (g)  absolute; (h)  fixed; or (i)  contingent. See Utah Code 31A-1-301 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. Devise: To gift property by will. Division: means the Division of Forestry, Fire, and State Lands. See Utah Code 65A-1-1 Donor: The person who makes a gift. 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 Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. 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. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC 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 General plan: means a document that a county adopts that sets forth general guidelines for proposed future development of: (a)  the unincorporated land within the county; or (b)  for a mountainous planning district, the land within the mountainous planning district. See Utah Code 17-27a-103 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Grantor: The person who establishes a trust and places property into it. Highway: includes :Utah Code 68-3-12.5 Impact fee: means a payment of money imposed under Title 11, Chapter 36a, Impact Fees Act. See Utah Code 17-27a-103 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 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 insurance company: means a person doing an insurance business as a principal including: (i)  a fraternal benefit society; (ii)  an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3); (iii)  a motor club; (iv)  an employee welfare plan; (v)  a person purporting or intending to do an insurance business as a principal on that person's own account; and (vi)  a health maintenance organization. See Utah Code 31A-1-301 Land: includes :Utah Code 68-3-12.5 Land use authority: means : (a)  a person, board, commission, agency, or body, including the local legislative body, designated by the local legislative body to act upon a land use application; or (b)  if the local legislative body has not designated a person, board, commission, agency, or body, the local legislative body. See Utah Code 17-27a-103 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 Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to: (a)  the power and duty to enact ordinances, levy taxes, and establish budgets; and (b)  those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101 Legislative body: means the county legislative body, or for a county that has adopted an alternative form of government, the body exercising legislative powers. See Utah Code 17-27a-103 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301 Mountainous planning district: means an area designated by a county legislative body in accordance with Section 17-27a-901. See Utah Code 17-27a-103 Municipality: means a city, town, or metro township. See Utah Code 65A-1-1 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 an individual, corporation, partnership, organization, association, trust, governmental agency, or any other legal entity. See Utah Code 17-27a-103 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 Planning advisory area: means a contiguous, geographically defined portion of the unincorporated area of a county established under this part with planning and zoning functions as exercised through the planning advisory area planning commission, as provided in this chapter, but with no legal or political identity separate from the county and no taxing authority. See Utah Code 17-27a-103 Plat: means an instrument subdividing property into lots as depicted on a map or other graphical representation of lands that a licensed professional land surveyor makes and prepares in accordance with Section 17-27a-603 or 57-8-13. See Utah Code 17-27a-103 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 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 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 Public agency: means : (a)  the federal government; (b)  the state; (c)  a county, municipality, school district, special district, special service district, or other political subdivision of the state; or (d)  a charter school. See Utah Code 17-27a-103 Public hearing: means a hearing at which members of the public are provided a reasonable opportunity to comment on the subject of the hearing. See Utah Code 17-27a-103 Public meeting: means a meeting that is required to be open to the public under Title 52, Chapter 4, Open and Public Meetings Act. See Utah Code 17-27a-103 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. Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC 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 Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301 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 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 Sovereign lands: means those lands lying below the ordinary high water mark of navigable bodies of water at the date of statehood and owned by the state by virtue of its sovereignty. See Utah Code 65A-1-1 Special district: includes a governmental or quasi-governmental entity that is not a county, municipality, school district, or the state. See Utah Code 17-27a-103 Specified public agency: means : (a)  the state; (b)  a school district; or (c)  a charter school. See Utah Code 17-27a-103 State: includes any department, division, or agency of the state. See Utah Code 17-27a-103 State lands: means all lands administered by the division. See Utah Code 65A-1-1 Statute: A law passed by a legislature. Subdivision: includes : (i)  the division or development of land, whether by deed, metes and bounds description, devise and testacy, map, plat, or other recorded instrument, regardless of whether the division includes all or a portion of a parcel or lot; and (ii)  except as provided in Subsection (70)(c), divisions of land for residential and nonresidential uses, including land used or to be used for commercial, agricultural, and industrial purposes. See Utah Code 17-27a-103 Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held. Unincorporated: means the area outside of the incorporated area of a municipality. See Utah Code 17-27a-103 Vessel: when used with reference to shipping, includes a steamboat, canal boat, and every structure adapted to be navigated from place to place. See Utah Code 68-3-12.5 Wildland: means an area where: (a)  development is essentially non-existent, except for roads, railroads, powerlines, or similar transportation facilities; and (b)  structures, if any, are widely scattered. See Utah Code 65A-1-1 Wildland fire: means a fire that consumes: (a)  wildland; or (b)  wildland-urban interface, as defined in Section 65A-8a-102. See Utah Code 65A-1-1 Writing: includes :Utah Code 68-3-12.5