Terms Used In Utah Code > Title 65A > Chapter 2 - Administration and Management of 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
• 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 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 board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301 Branch business: means an insurance business transacted by a branch captive insurance company in this state. 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 of insurance: includes : (a)  providing health care insurance by an organization that is or is required to be licensed under this title; (b)  providing a benefit to an employee in the event of a contingency not within the control of the employee, in which the employee is entitled to the benefit as a right, which benefit may be provided either: (i)  by a single employer or by multiple employer groups; or (ii)  through one or more trusts, associations, or other entities; (c)  providing an annuity: (i)  including an annuity issued in return for a gift; and (ii)  except an annuity provided by a person specified in Subsections 31A-22-1305(2) and (3); (d)  providing the characteristic services of a motor club; (e)  providing another person with insurance; (f)  making as insurer, guarantor, or surety, or proposing to make as insurer, guarantor, or surety, a contract or policy offering title insurance; (g)  transacting or proposing to transact any phase of title insurance, including: (i)  solicitation; (ii)  negotiation preliminary to execution; (iii)  execution of a contract of title insurance; (iv)  insuring; and (v)  transacting matters subsequent to the execution of the contract and arising out of the contract, including reinsurance; (h)  transacting or proposing a life settlement; and (i)  doing, or proposing to do, any business in substance equivalent to Subsections (95)(a) through (h) in a manner designed to evade this title. 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 Captive insurance company: means : (a)  an insurer: (i)  owned by a parent organization; and (ii)  whose purpose is to insure risks of the parent organization and other risks as authorized under: (A)  Chapter 37, Captive Insurance Companies Act; and (B)  Chapter 37a, Special Purpose Financial Captive Insurance Company Act; or (b)  in the case of a group or association, an insurer: (i)  owned by the insureds; and (ii)  whose purpose is to insure risks of: (A)  a member organization; (B)  a group member; or (C)  an affiliate of: (I)  a member organization; or (II)  a group member. 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 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. Division: means the Division of Forestry, Fire, and State Lands. See Utah Code 65A-1-1 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. 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 Highway: includes :Utah Code 68-3-12.5 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 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 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. Municipality: means a city, town, or metro township. See Utah Code 65A-1-1 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 Property: includes both real and personal property. See Utah Code 68-3-12.5 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 real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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 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: 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 lands: means all lands administered by the division. See Utah Code 65A-1-1 Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Sustained yield: means the achievement and maintenance of high level annual or periodic output of the various renewable resources of land without impairment of the productivity of the land. See Utah Code 65A-1-1 Writing: includes :Utah Code 68-3-12.5