Utah Code > Title 63M > Chapter 14 – Colorado River Authority of Utah Act
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Utah Code > Title 63M > Chapter 14 - Colorado River Authority of Utah Act
- 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 - Application: means a document:
(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301 - Appointing authority: means an authority named in Section 63M-14-202 that appoints an authority member for a Colorado River authority area. See Utah Code 63M-14-102
- 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
- articles of incorporation: means :
(a) the original articles; (b) a special law; (c) a charter; (d) an amendment; (e) restated articles; (f) articles of merger or consolidation; (g) a trust instrument; (h) another constitutive document for a trust or other entity that is not a corporation; and (i) an amendment to an item listed in Subsections (11)(a) through (h). 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.
- Authority: means the Colorado River Authority of Utah created by Section 63M-14-201. See Utah Code 63M-14-102
- Authority member: means a person appointed as a member of the authority under Section 63M-14-202 or designated as a member of the authority. See Utah Code 63M-14-102
- board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. 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 - Chair: means the chair of the authority. See Utah Code 63M-14-102
- Chambers: A judge's office.
- Colorado River authority area: means the geographic area designated by Subsection 63M-14-202(2). See Utah Code 63M-14-102
- Colorado River Basin States: means Arizona, California, Colorado, Nevada, New Mexico, Utah, and Wyoming. See Utah Code 63M-14-102
- Colorado River system: means the entire drainage of the Colorado River in Utah including both the main stem of the Colorado River and the Colorado River's tributaries. See Utah Code 63M-14-102
- Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
- 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
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
- domiciliary state: means the state in which an insurer is incorporated or organized, except that "domiciliary state" means:
(a) in the case of an alien insurer, its state of entry; or (b) in the case of a risk retention group, the state in which the risk retention group is chartered as contemplated in the Liability Risk Retention Act, 15 U. See Utah Code 31A-27a-102 - 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 - Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- 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.
- Fraud: Intentional deception resulting in injury to another.
- 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 - 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 - 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 - 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 - Joint resolution: A legislative measure which requires the approval of both chambers.
- 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.
- Law of the river: means the compacts, federal laws, treaties, court decisions and decrees, contracts, and regulatory guidelines that underlie and authorize the management and operation of the Colorado River. See Utah Code 63M-14-102
- 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
- Oath: includes "affirmation. See Utah Code 68-3-12.5
- Oath: A promise to tell the truth.
- 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 :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 all clauses, riders, endorsements, and papers that are a part of a policy. See Utah Code 31A-27a-102
- 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
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Quorum: The number of legislators that must be present to do business.
- 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
- receivership court: refers to the court in which a delinquency proceeding is pending. 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 - Restricted account: means the Colorado River Authority Restricted Account created in Section 63M-14-501. See Utah Code 63M-14-102
- River commissioner: means the person appointed under Section 63M-14-301. See Utah Code 63M-14-102
- 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
- State: means a state, district, or territory of the United States. See Utah Code 31A-27a-102
- Statute: A law passed by a legislature.
- Subsidiary: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
- Surplus: means the excess of assets over the sum of paid-in capital and liabilities. 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 - Trustee: means "director" when referring to the board of directors of a corporation. See Utah Code 31A-1-301
- Trustee: A person or institution holding and administering property in trust.
- unauthorized insurer: means an insurer transacting the business of insurance in this state that has not received a certificate of authority from this state, or some other type of authority that allows for the transaction of the business of insurance in this state. 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
- Application: means a document: