Utah Code > Title 31A > Chapter 3 > Part 3 – Taxation of Surplus Lines, Illegal Transactions, and Captive Insurance Companies
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Terms Used In Utah Code > Title 31A > Chapter 3 > Part 3 - Taxation of Surplus Lines, Illegal Transactions, and Captive Insurance Companies
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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 - City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- Compensation: means anything of economic value in excess of $100 that is paid, loaned, granted, given, donated, or transferred to a hunting guide or outfitter for or in consideration of personal services, materials, or property. See Utah Code 58-79-102
- Contract: A legal written agreement that becomes binding when signed.
- 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 - Department: means the Insurance Department. 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.
- Hunting: means to locate, pursue, chase, catch, capture, trap, or kill wildlife. See Utah Code 58-79-102
- Hunting guide: means an individual who:
(a) offers or provides hunting guide services on public lands for compensation; and (b) is retained for compensation by an outfitter. See Utah Code 58-79-102 - Hunting guide services: means to guide, lead, or assist an individual in hunting wildlife. See Utah Code 58-79-102
- 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 - 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 - 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 - Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- Outfitter: means an individual who offers or provides outfitting or hunting guide services for compensation to another individual for hunting wildlife on public lands. See Utah Code 58-79-102
- Outfitting services: means providing, for hunting wildlife on public lands:
(i) transportation of people, equipment, supplies, or wildlife to or from a location; (ii) packing, protecting, or supervising services; or (iii) hunting guide services. See Utah Code 58-79-102 - 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 - Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. 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 - Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- 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 lands: means any lands owned by the United States, the state, or a political subdivision or independent entity of the state that are open to the public for purposes of engaging in a wildlife related activity. See Utah Code 58-79-102
- 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 - Rebate: means a licensee paying, allowing, giving, or offering to pay, allow, or give, directly or indirectly:
(i) a refund of premium or portion of premium; (ii) a refund of commission or portion of commission; (iii) a refund of all or a portion of a consultant fee; or (iv) providing services or other benefits not specified in an insurance or annuity contract. 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
- Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
- Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
- Wildlife: means cougar, bear, and big game animals as defined in Subsection 23-13-2(6). See Utah Code 58-79-102
- Certificate: means evidence of insurance given to: