Terms Used In Utah Code > Title 65A > Chapter 1 - Division of Forestry, Fire, and State Lands

• Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
• Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301
• Alien captive insurance company: means an insurer:

  (a)	formed to write insurance business for a parent or affiliate of the insurer; and

  (b)

  licensed pursuant to the laws of an alien or foreign jurisdiction that imposes statutory or regulatory standards: (i)  on a business entity transacting the business of insurance in the alien or foreign jurisdiction; and (ii)  in a form acceptable to the commissioner. See Utah Code 31A-37-102 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. Association: means a legal association of two or more persons that meets the following requirements: (a)  the persons are exposed to similar or related liability because of related, similar, or common business trade, products, services, premises, or operations; and (b)  (i)  the association or the association's member organizations: (A)  own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer; (B)  have complete voting control over an association captive insurance company incorporated as a mutual insurer; or (C)  have complete voting control over an association captive insurance company formed as a limited liability company; or (ii)  the association's member organizations collectively constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer. See Utah Code 31A-37-102 Association captive insurance company: means a business entity that insures risks of: (a)  a member organization of the association; (b)  an affiliate of a member organization of the association; and (c)  the association. See Utah Code 31A-37-102 Branch captive insurance company: means an alien captive insurance company that has a certificate of authority from the commissioner to transact the business of insurance in this state through a captive insurance company that is domiciled outside of this state. See Utah Code 31A-37-102 Business entity: means : (a)  a corporation; (b)  an association; (c)  a partnership; (d)  a limited liability company; (e)  a limited liability partnership; or (f)  another legal entity. See Utah Code 31A-1-301 Captive insurance company: includes any of the following formed or holding a certificate of authority under this chapter: (i)  a branch captive insurance company; (ii)  a pure captive insurance company; (iii)  an association captive insurance company; (iv)  a sponsored captive insurance company; (v)  an industrial insured captive insurance company, including an industrial insured captive insurance company formed as a risk retention group captive in this state pursuant to the provisions of the Federal Liability Risk Retention Act of 1986; (vi)  a special purpose captive insurance company; or (vii)  a special purpose financial captive insurance company. See Utah Code 31A-37-102 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 Commissioner: means Utah's Insurance Commissioner or the commissioner's designee. See Utah Code 31A-37-102 Contract: A legal written agreement that becomes binding when signed. Department: means the Insurance Department. See Utah Code 31A-1-301 Division: means the Division of Forestry, Fire, and State Lands. See Utah Code 65A-1-1 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 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC 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 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 Individual: means a natural person. See Utah Code 31A-1-301 insolvent: means that: (a)  an insurer is unable to pay the insurer's obligations as the obligations are due; (b)  an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or (c)  an insurer's admitted assets are less than the insurer's liabilities. 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 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 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301 Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 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. Parent: means a person that directly or indirectly owns, controls, or holds with power to vote more than 50% of the outstanding securities of an organization. See Utah Code 31A-37-102 Participant: means an entity that is insured by a sponsored captive insurance company: (a)  if the losses of the participant are limited through a participant contract to the assets of a protected cell; and (b)  (i)  the entity is permitted to be a participant under Section 31A-37-403; or (ii)  the entity is an affiliate of an entity permitted to be a participant under Section 31A-37-403. See Utah Code 31A-37-102 Participant contract: means a contract by which a sponsored captive insurance company: (a)  insures the risks of a participant; and (b)  limits the losses of the participant to the assets of a protected cell. See Utah Code 31A-37-102 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: 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 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Protected cell: means a separate account established and maintained by a sponsored captive insurance company for one participant. See Utah Code 31A-37-102 Pure captive insurance company: means a business entity that insures risks of a parent or affiliate of the business entity. See Utah Code 31A-37-102 Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301 Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301 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 Sovereign lands: means those lands lying below the ordinary high water mark of navigable bodies of water at the date of statehood and owned by the state by virtue of its sovereignty. See Utah Code 65A-1-1 Sponsor: means an entity that: (a)  meets the requirements of Section 31A-37-402; and (b)  is approved by the commissioner to: (i)  provide all or part of the capital and surplus required by applicable law in an amount of not less than $350,000, which amount the commissioner may increase by order if the commissioner considers it necessary; and (ii)  organize and operate a sponsored captive insurance company. See Utah Code 31A-37-102 Sponsored captive insurance company: means a captive insurance company: (a)  in which the minimum capital and surplus required by applicable law is provided by one or more sponsors; (b)  that is formed or holding a certificate of authority under this chapter; (c)  that insures the risks of a separate participant through the contract; and (d)  that segregates each participant's liability through one or more protected cells. See Utah Code 31A-37-102 State lands: means all lands administered by the division. See Utah Code 65A-1-1 Treasury rates: means the United States Treasury strip asked yield as published in the Wall Street Journal as of a balance sheet date. See Utah Code 31A-37-102 Wildland: means an area where: (a)  development is essentially non-existent, except for roads, railroads, powerlines, or similar transportation facilities; and (b)  structures, if any, are widely scattered. See Utah Code 65A-1-1 Wildland fire: means a fire that consumes: (a)  wildland; or (b)  wildland-urban interface, as defined in Section 65A-8a-102. See Utah Code 65A-1-1