Terms Used In Utah Code > Title 61 > Chapter 6 - Control Shares Acquisitions Act

• Accident and health insurance: means insurance to provide protection against economic losses resulting from:

  (i)	a medical condition including: (A)  a medical care expense; or (B)  the risk of disability;

  (ii)	accident; or

  (iii)

  sickness. See Utah Code 31A-1-301 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. authorized insurer: means an insurer: (i)  holding a valid certificate of authority to do an insurance business in this state; and (ii)  transacting business as authorized by a valid certificate. 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 classification: means the process of grouping risks with similar risk characteristics so that differences in anticipated costs may be recognized. See Utah Code 31A-19a-102 Contract: A legal written agreement that becomes binding when signed. control shares: means shares that except for this chapter would have voting power with respect to shares of an issuing public corporation that, when added to all other shares of the issuing public corporation owned by a person or in respect to which that person may exercise or direct the exercise of voting power, would entitle that person, immediately after acquisition of the shares (directly or indirectly, alone or as a part of a group), to exercise or direct the exercise of the voting power, including voting power pursuant to a revocable proxy, of the issuing public corporation in the election of directors within any of the following ranges of voting power: (a)  1/5 or more but less than 1/3 of all voting power; (b)  1/3 or more but less than a majority of all voting power; or (c)  a majority or more of all voting power. See Utah Code 61-6-2 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. Department: means the Insurance Department. See Utah Code 31A-1-301 depository institution: means a depository institution or a depository institution holding company as defined in Section 7-1-103. See Utah Code 61-6-5 Expenses: means that portion of a rate attributable to: (a)  acquisition; (b)  field supervision; (c)  collection expenses; (d)  general expenses; (e)  taxes; (f)  licenses; and (g)  fees. See Utah Code 31A-19a-102 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 health insurance: means insurance providing: (i)  a health care benefit; or (ii)  payment of an incurred health care expense. See Utah Code 31A-1-301 Health organization: means : (a)  an entity that is authorized under Chapter 7, Nonprofit Health Service Insurance Corporations, or Chapter 8, Health Maintenance Organizations and Limited Health Plans; and (b)  that is: (i)  a health maintenance organization; (ii)  a limited health service organization; (iii)  a dental or vision plan; (iv)  a hospital, medical, and dental indemnity or service corporation; or (v)  other managed care organization. See Utah Code 31A-17-601 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 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 interested shares: means the shares of an issuing public corporation in respect of which any of the following persons may exercise or direct the exercise of the voting power of the corporation, on or after the applicable record date, in the election of directors: (a)  an acquiring person or member of a group with respect to a control share acquisition; (b)  any officer of the issuing public corporation; or (c)  any employee of the issuing public corporation who is also a director of the corporation. See Utah Code 61-6-4 issuing public corporation: means a corporation, other than a depository institution, that is organized under the laws of this state and that has: (a)  100 or more shareholders; (b)  its principal place of business, its principal office, or substantial assets within the state; and (c)  (i)  more than 10% of its shareholders resident in the state; (ii)  more than 10% of its shares owned by Utah residents; or (iii)  10,000 shareholders resident in the state. See Utah Code 61-6-5 Life insurance: means : (i)  insurance on a human life; and (ii)  insurance pertaining to or connected with human life. See Utah Code 31A-1-301 Loss adjustment expense: means the expenses incurred by the insurer in the course of settling claims. See Utah Code 31A-19a-102 Market: means the interaction between buyers and sellers consisting of a: (i)  product component; and (ii)  geographic component. See Utah Code 31A-19a-102 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 Participating: means a plan of insurance under which the insured is entitled to receive a dividend representing a share of the surplus of the insurer. 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 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 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Pure premium rate: means that portion of a rate that: (a)  does not include provisions for profit or expenses, other than loss adjustment expenses; and (b)  is based on historical aggregate losses and loss adjustment expenses that are: (i)  adjusted through development to their ultimate value; and (ii)  projected through trending to a future point in time. See Utah Code 31A-19a-102 Rate: means that cost of insurance per exposure unit either expressed as: (i)  a single number; or (ii)  as a pure premium rate, adjusted before any application of individual risk variations, based on loss or expense considerations to account for the treatment of: (A)  expenses; (B)  profit; and (C)  individual insurer variation in loss experience. See Utah Code 31A-19a-102 Rate service organization: means a person who assists an insurer in rate making or filing by: (i)  collecting, compiling, and furnishing loss or expense statistics; (ii)  recommending, making, or filing rates or supplementary rate information; or (iii)  advising about rate questions, except as an attorney giving legal advice. See Utah Code 31A-1-301 Riskiness: means the variability of results around the average expected result. See Utah Code 31A-19a-102 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 Statute: A law passed by a legislature. Supplementary rate information: includes one or more of the following needed to determine the applicable rate in effect or to be in effect: (a)  a manual or plan of rates; (b)  a statistical plan; (c)  a classification; (d)  a rating schedule; (e)  a minimum premium; (f)  a policy fee; (g)  a rating rule; (h)  a rate-related underwriting rule; (i)  a rate modification plan; or (j)  any other similar information prescribed by rule of the commissioner as supplementary rate information. See Utah Code 31A-19a-102 Supporting information: includes one or more of the following: (a)  data demonstrating actuarial justification for the basic rate factors, classifications, expenses, and profit factors used by the filer; (b)  the experience and judgment of the filer; (c)  the experience or data of other insurers or rate service organizations relied upon by the filer; (d)  the interpretation of any other data relied upon by the filer; (e)  descriptions of methods used in making the rates; or (f)  any other information defined by rule as supporting information that is required to be filed. See Utah Code 31A-19a-102 Trending: means any procedure for projecting, for the period during which the policies are to be effective: (a)  losses to the average date of loss; or (b)  premiums or exposures to the average date of writing. See Utah Code 31A-19a-102 Trustee: A person or institution holding and administering property in trust. Writing: includes :Utah Code 68-3-12.5