Terms Used In Utah Code > Title 63N > Chapter 1a - Economic Opportunity Organization

• Administrator: means the same as that term is defined in Subsection (182). See Utah Code 31A-1-301
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• 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
• 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 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 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels. Baseline state revenue: means the amount of state tax revenue collected from a business entity or the employees of a business entity during the year before the date on which a project related to the business entity is approved by the office or by the GO Utah board. See Utah Code 63N-1a-102 Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-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. Donor: The person who makes a gift. 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 Executive director: means the executive director of the office. See Utah Code 63N-1a-102 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 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. Full-time employee: means an employment position that is filled by an employee who works at least 30 hours per week and: (a)  may include an employment position filled by more than one employee, if each employee who works less than 30 hours per week is provided benefits comparable to a full-time employee; and (b)  may not include an employment position that is shifted from one jurisdiction in the state to another jurisdiction in the state. See Utah Code 63N-1a-102 GO Utah board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-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 insurance: means insurance providing: (i)  a health care benefit; or (ii)  payment of an incurred health care expense. 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 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 Lien: A claim against real or personal property in satisfaction of a debt. 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 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. 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 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 Policy: includes all clauses, riders, endorsements, and papers that are a part of a policy. See Utah Code 31A-27a-102 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 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 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 State revenue: means state tax liability paid by a business entity or a business entity's employees under any combination of the following provisions: (a)  Title 59, Chapter 7, Corporate Franchise and Income Taxes; (b)  1; (c)  2; (d)  4; and (e)  Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-1a-102 State strategic goals: means the strategic goals listed in Section 63N-1a-103. See Utah Code 63N-1a-102 Statewide economic development strategy: means the economic development strategy developed by the commission in accordance with Section 63N-1a-202. See Utah Code 63N-1a-102 Statute: A law passed by a legislature. Talent board: means the Talent, Education, and Industry Alignment Board created in Section 53B-34-102. See Utah Code 63N-1a-102 Targeted industry: means an industry or group of industries targeted by the commission under Section 63N-1a-202, for economic development in the state. See Utah Code 63N-1a-102 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Usury: Charging an illegally high interest rate on a loan. Source: OCC