Terms Used In Utah Code > Title 63N > Chapter 13 - Procurement Programs

• Affiliate: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• 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: (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. Bonding government entity: means the same as that term is defined in Section 63C-25-101. See Utah Code 63N-13-302 Chambers: A judge's office. Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Concessionaire contract: means the same as that term is defined in Section 63C-25-101. See Utah Code 63N-13-302 Contract: A legal written agreement that becomes binding when signed. 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 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. 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 Executive director: means the executive director of the office. See Utah Code 63N-1a-102 Facilitator: means : (a)  the office, if the office chooses to perform itself the functions and responsibilities described in Section 63N-13-304; or (b)  a person engaged by the office to perform the functions and responsibilities described in Section 63N-13-304, if the office chooses to have those functions and responsibilities performed by a person other than the office. See Utah Code 63N-13-302 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 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 Government entity: means : (a)  the state or any department, division, agency, or other instrumentality of the state; or (b)  a political subdivision of the state. See Utah Code 63N-13-302 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC 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 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 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. 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. Order: means an order of the commissioner. See Utah Code 31A-1-301 Oversight: Committee review of the activities of a Federal agency or program. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. 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 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 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-private partnership: means an arrangement or agreement between a government entity and one or more private persons to fund and provide for a public need through the development or operation of a public project in which the private person or persons share with the government entity the responsibility or risk of developing, owning, maintaining, financing, or operating the project. See Utah Code 63N-13-302 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 receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. 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 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. 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 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 Writing: includes :Utah Code 68-3-12.5