Terms Used In Utah Code > Title 63L > Chapter 10 - Statewide Resource Management Plan

• Administrator: means the same as that term is defined in Subsection (182). See Utah Code 31A-1-301
• Admitted assets: is a s defined by and is measured in accordance with the National Association of Insurance Commissioner's Statements of Statutory Accounting Principles, as incorporated in this state by rules made by the department in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, for the purposes of Subsection 31A-4-113(1)(b)(ii). See Utah Code 31A-27a-102
• Affected guaranty association: means a guaranty association that is or may become liable for payment of a covered claim. See Utah Code 31A-27a-102
• Affiliate: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
• 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 alien insurer: means an insurer incorporated or organized under the laws of a jurisdiction that is not a state. See Utah Code 31A-27a-102 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. Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed. Binder: means the same as that term is defined in Section 31A-21-102. See Utah Code 31A-1-301 business of insurance: includes any of the following acts, whether effected by mail, electronic means, or otherwise: (a)  issuing or delivering a contract, certificate, or binder relating to insurance or annuities: (i)  to a person who is resident in this state; or (ii)  covering a risk located in this state; (b)  soliciting an application for the contract, certificate, or binder described in Subsection (11)(a); (c)  negotiating preliminary to the execution of the contract, certificate, or binder described in Subsection (11)(a); (d)  collecting premiums, membership fees, assessments, or other consideration for the contract, certificate, or binder described in Subsection (11)(a); (e)  transacting matters: (i)  subsequent to execution of the contract, certificate, or binder described in Subsection (11)(a); and (ii)  arising out of the contract, certificate, or binder described in Subsection (11)(a); (f)  operating as an insurer under a license or certificate of authority issued by the department; or (g)  engaging in an act identified in Chapter 15, Unauthorized Insurers, Surplus Lines, and Risk Retention Groups. See Utah Code 31A-27a-102 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 Commission: means the Federalism Commission. See Utah Code 63L-10-102 Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102 Commodity contract: means : (a)  a contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of: (i)  a board of trade or contract market under the Commodity Exchange Act, 7 U. See Utah Code 31A-27a-102 consultant: means a person who: (a)  advises another person about insurance needs and coverages; (b)  is compensated by the person advised on a basis not directly related to the insurance placed; and (c)  except as provided in Section 31A-23a-501, is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301 Contract: A legal written agreement that becomes binding when signed. Control: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102 creditor: means a person having a claim against an insurer whether the claim is: (a)  matured or not matured; (b)  liquidated or unliquidated; (c)  secured or unsecured; (d)  absolute; or (e)  fixed or contingent. See Utah Code 31A-27a-102 Delinquency proceeding: means a: (a)  proceeding instituted against an insurer for the purpose of rehabilitating or liquidating the insurer; and (b)  summary proceeding under Section 31A-27a-201. See Utah Code 31A-27a-102 Department: is a s defined in Section 31A-1-301 unless the context requires otherwise. See Utah Code 31A-27a-102 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts 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 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 Forward contract: is a s defined in the Federal Deposit Insurance Act, 12 U. See Utah Code 31A-27a-102 General assets: includes the property of the estate or its proceeds in excess of the amount necessary to discharge a claim described in Subsection (18)(a). See Utah Code 31A-27a-102 Good faith: means honesty in fact and intention, and in regard to 5, also requires the absence of: (a)  information that would lead a reasonable person in the same position to know that the insurer is financially impaired or insolvent; and (b)  knowledge regarding the imminence or pendency of a delinquency proceeding against the insurer. See Utah Code 31A-27a-102 Guaranty association: means : (a)  a mechanism mandated by Chapter 28, Guaranty Associations; or (b)  a similar mechanism in another state that is created for the payment of claims or continuation of policy obligations of a financially impaired or insolvent insurer. See Utah Code 31A-27a-102 Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment: (a)  a professional service; (b)  a personal service; (c)  a facility; (d)  equipment; (e)  a device; (f)  supplies; or (g)  medicine. See Utah Code 31A-1-301 Impaired: means that an insurer: (a)  does not have admitted assets at least equal to the sum of: (i)  all its liabilities; and (ii)  the minimum surplus required to be maintained by Section 31A-5-211 or 31A-8-209; or (b)  has a total adjusted capital that is less than its authorized control level RBC, as defined in Section 31A-17-601. See Utah Code 31A-27a-102 Individual: means a natural person. See Utah Code 31A-1-301 insolvent: means that an insurer: (a)  is unable to pay its obligations when they are due; (b)  does not have admitted assets at least equal to all of its liabilities; or (c)  has a total adjusted capital that is less than its mandatory control level RBC, as defined in Section 31A-17-601. See Utah Code 31A-27a-102 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 insurer: means a person who: (a)  is doing, has done, purports to do, or is licensed to do the business of insurance; (b)  is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or (c)  is included under Section 31A-27a-104. See Utah Code 31A-27a-102 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Land: includes :Utah Code 68-3-12.5 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Liabilities: is a s defined by and is measured in accordance with the National Association of Insurance Commissioner's Statements of Statutory Accounting Principles, as incorporated in this state by rules made by the department in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, for the purposes of Subsection 31A-4-113(1)(b)(ii). See Utah Code 31A-27a-102 License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301 Lien: A claim against real or personal property in satisfaction of a debt. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Netting agreement: includes : (i)  a term or condition incorporated by reference in the contract or agreement described in Subsection (25)(a); or (ii)  a master agreement described in Subsection (25)(a). See Utah Code 31A-27a-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. Office: means the Public Lands Policy Coordinating Office established in Section 63L-11-201. See Utah Code 63L-10-102 Order: means an order of the commissioner. See Utah Code 31A-1-301 Party in interest: means : (a)  the commissioner; (b)  a nondomiciliary commissioner in whose state the insurer has outstanding claims liabilities; (c)  an affected guaranty association; and (d)  the following parties if the party files a request with the receivership court for inclusion as a party in interest and to be on the service list: (i)  an insurer that ceded to or assumed business from the insurer; (ii)  a policyholder; (iii)  a third party claimant; (iv)  a creditor; (v)  a 10% or greater equity security holder in the insolvent insurer; and (vi)  a person, including an indenture trustee, with a financial or regulatory interest in the delinquency proceeding. See Utah Code 31A-27a-102 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 Plan: means the statewide resource management plan, created pursuant to Section 63L-11-203 and adopted in Section 63L-10-103. See Utah Code 63L-10-102 Policy: includes all clauses, riders, endorsements, and papers that are a part of a policy. See Utah Code 31A-27a-102 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 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 property of the estate: includes : (a)  a right, title, or interest of the insurer in property: (i)  whether: (A)  legal or equitable; (B)  tangible or intangible; or (C)  choate or inchoate; and (ii)  including choses in action, contract rights, and any other interest recognized under the laws of this state; (b)  entitlements that exist before the entry of an order of rehabilitation or liquidation; (c)  entitlements that may arise by operation of this chapter or other provisions of law allowing the receiver to avoid prior transfers or assert other rights; and (d)  (i)  records or data that is otherwise the property of the insurer; and (ii)  records or data similar to those described in Subsection (30)(d)(i) that are within the possession, custody, or control of a managing general agent, a third party administrator, a management company, a data processing company, an accountant, an attorney, an affiliate, or other person. See Utah Code 31A-27a-102 Public lands: means : (a)  land other than a national park that is managed by the United States Parks Service; (b)  land that is managed by the United States Forest Service; and (c)  land that is managed by the Bureau of Land Management. See Utah Code 63L-10-102 qualified financial contract: means any of the following: (a)  a commodity contract; (b)  a forward contract; (c)  a repurchase agreement; (d)  a securities contract; (e)  a swap agreement; or (f)  a similar agreement that the commissioner determines by rule or order to be a qualified financial contract for purposes of this chapter. See Utah Code 31A-27a-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 receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102 receivership: means a rehabilitation, liquidation, or ancillary receivership. See Utah Code 31A-27a-102 Record: when used as a noun, means information or data, in whatever form maintained, including: (a)  a book; (b)  a document; (c)  a paper; (d)  a file; (e)  an application file; (f)  a policyholder list; (g)  policy information; (h)  a claim or claim file; (i)  an account; (j)  a voucher; (k)  a litigation file; (l)  a premium record; (m)  a rate book; (n)  an underwriting manual; (o)  a personnel record; (p)  a financial record; or (q)  other material. See Utah Code 31A-27a-102 Reinsurance: means a transaction or contract under which an assuming insurer agrees to indemnify a ceding insurer against all, or a part, of a loss that the ceding insurer may sustain under the one or more policies that the ceding insurer issues or will issue. See Utah Code 31A-27a-102 Repurchase agreement: is a s defined in the Federal Deposit Insurance Act, 12 U. See Utah Code 31A-27a-102 Secured claim: means , subject to Subsection (39)(b): (i)  a claim secured by an asset that is not a general asset; or (ii)  the right to set off as provided in Section 31A-27a-510. See Utah Code 31A-27a-102 Securities contract: is a s defined in the Federal Deposit Insurance Act, 12 U. See Utah Code 31A-27a-102 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 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. Special deposit: means a deposit established pursuant to statute for the security or benefit of a limited class or classes of persons. See Utah Code 31A-27a-102 State: means a state, district, or territory of the United States. See Utah Code 31A-27a-102 Statute: A law passed by a legislature. Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Swap agreement: is a s defined in the Federal Deposit Insurance Act, 12 U. See Utah Code 31A-27a-102 Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301 Total adjusted capital: means the sum of an insurer's or health organization's statutory capital and surplus as determined in accordance with: (a)  the statutory accounting applicable to the annual financial statements required to be filed under Section 31A-4-113; and (b)  another item provided by the RBC instructions, as RBC instructions is defined in Section 31A-17-601. See Utah Code 31A-1-301 Transfer: includes the sale and every other and different mode of disposing of or parting with property or with an interest in property, whether: (i)  directly or indirectly; (ii)  absolutely or conditionally; (iii)  voluntarily or involuntarily; or (iv)  by or without judicial proceedings. See Utah Code 31A-27a-102 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5