Terms Used In Utah Code > Title 31A > Chapter 40 > Part 1 - General Provisions

• 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
• 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 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Assurance organization: means a person designated as an assurance organization in accordance with Section 31A-40-303. See Utah Code 31A-40-102 Client: means a person who enters into a professional employer agreement with a professional employer organization. See Utah Code 31A-40-102 Coemployment relationship: means a relationship: (a)  that is intended to be ongoing rather than a temporary or project specific relationship; and (b)  wherein the rights and obligations of an employer that arise out of an employment relationship are allocated between coemployers pursuant to: (i)  a professional employer agreement; or (ii)  this chapter. See Utah Code 31A-40-102 Contract: A legal written agreement that becomes binding when signed. Covered employee: means an individual who has a coemployment relationship with a client and a professional employer organization if the conditions of Section 31A-40-203 are met. See Utah Code 31A-40-102 Department: means the Insurance Department. See Utah Code 31A-1-301 Division: means the Division of Forestry, Fire, and State Lands. See Utah Code 65A-1-1 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 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 Land: includes :Utah Code 68-3-12.5 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 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 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. 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 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 Professional employer agreement: means a written contract by and between a client and a professional employer organization that provides for: (a)  the coemployment of a covered employee; (b)  with respect to a covered employee, the allocation of a right or obligation of an employer between: (i)  the client; and (ii)  the professional employer organization; and (c)  the assumption of the obligations imposed by this chapter by: (i)  the client; or (ii)  the professional employer organization. See Utah Code 31A-40-102 professional employer organization: means a person engaged in the business of providing a professional employer service. See Utah Code 31A-40-102 Professional employer service: means the service of entering into a coemployment relationship under this chapter under which all or a majority of the employees who provide a service to a client, or a division or work unit of a client, are covered employees. See Utah Code 31A-40-102 Qualified actuary: means an individual who: (a)  is a member in good standing of a professional actuarial accreditation organization designated by the department by rule; (b)  is qualified to sign a statement of actuarial opinion or annual statement for a professional employer organization in accordance with the qualification standards for an actuary signing an opinion or annual statement as provided by the professional actuarial accreditation organization designated under Subsection (19)(a); (c)  is familiar with the valuation requirements applicable to a professional employer organization; (d)  has not been found by the commissioner, or if so found has subsequently been reinstated as a qualified actuary, following appropriate notice and hearing to have: (i)  violated a provision of, or an obligation imposed by, statute or other law in the course of the actuary's dealings as a qualified actuary; (ii)  been found guilty of a fraudulent or dishonest practice; (iii)  demonstrated the actuary's incompetency, lack of cooperation, or untrustworthiness to act as a qualified actuary; (iv)  submitted to the commissioner during the past five years, pursuant to this rule, an actuarial opinion or memorandum that the commissioner rejected because it did not meet the provisions of rule; or (v)  resigned or been removed as an actuary within the past five years as a result of an act or omission indicated in an adverse report on examination or as a result of failure to adhere to a generally acceptable actuarial standard; and (e)  has not failed to notify the commissioner of an action taken by any commissioner of another state similar to that under Subsection (19)(d). See Utah Code 31A-40-102 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 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 lands: means all lands administered by the division. See Utah Code 65A-1-1 Statute: A law passed by a legislature. Temporary help service: means a service consisting of a person: (a)  recruiting and hiring the person's own employee; (b)  finding another person that wants the services of that employee; (c)  assigning the employee to: (i)  perform services at or for the other person to support or supplement the other person's employees; (ii)  provide assistance in a special work situation such as: (A)  an employee absence; (B)  a skill shortage; or (C)  a seasonal workload; or (iii)  perform a special assignment or project; and (d)  customarily reassigning the employee to another organization when the employee finishes an assignment. See Utah Code 31A-40-102 Working capital: means the current assets minus the current liabilities of a professional employer organization determined in accordance with generally accepted accounting principles. See Utah Code 31A-40-102