Sections
Part 1 Unauthorized Insurers and Surplus Lines 31A-15-101 – 31A-15-111
Part 2 Risk Retention Groups Act 31A-15-201 – 31A-15-214
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Terms Used In Utah Code > Title 31A > Chapter 15 - Unauthorized Insurers, Surplus Lines, and Risk Retention Groups

  • acquisition or construction: means any acquisition, construction, reconstruction, restoration, enlargement, improvement, renovation, repair, replacement, equipping or furnishing, in whole or in part, of a facility. See Utah Code 63B-1-303
  • 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 :
         (6)(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and
         (6)(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
  • Agency: means a board, commission, institution, department, division, officer, council, office, committee, bureau, or other administrative unit of the state, including the agency head, agency employees, or other persons acting on behalf of or under the authority of the agency head, the Legislature, the courts, or the governor, but does not mean a political subdivision of the state, or any administrative unit of a political subdivision of the state. See Utah Code 63A-1-103
  • Agency bonds: means any bond, note, contract, or other evidence of indebtedness representing loans or grants made by an authorizing agency. See Utah Code 63B-1b-102
  • Alien insurer: means an insurer domiciled outside the United States. See Utah Code 31A-1-301
  • Application: means a document:
         (10)(a)
              (10)(a)(i) completed by an applicant to provide information about the risk to be insured; and
              (10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:
                   (10)(a)(ii)(A) insure the risk under:
                        (10)(a)(ii)(A)(I) the coverage as originally offered; or
                        (10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or
                   (10)(a)(ii)(B) decline to insure the risk; or
         (10)(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
  • articles of incorporation: means :
         (11)(a) the original articles;
         (11)(b) a special law;
         (11)(c) a charter;
         (11)(d) an amendment;
         (11)(e) restated articles;
         (11)(f) articles of merger or consolidation;
         (11)(g) a trust instrument;
         (11)(h) another constitutive document for a trust or other entity that is not a corporation; and
         (11)(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.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Authority: means the State Building Ownership Authority created by this part. See Utah Code 63B-1-303
  • authorized insurer: means an insurer:
              (191)(b)(i) holding a valid certificate of authority to do an insurance business in this state; and
              (191)(b)(ii) transacting business as authorized by a valid certificate. See Utah Code 31A-1-301
  • Authorized official: means the state treasurer or other person authorized by a bond document to perform the required action. See Utah Code 63B-1b-102
  • Authorizing agency: means the board, person, or unit with legal responsibility for administering and managing revolving loan funds. See Utah Code 63B-1b-102
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
  • Bond anticipation note: means :
         (1)(a) any financing note issued according to the procedures and requirements of this title in anticipation of the receipt of the proceeds of the sale of the bonds authorized under this title; and
         (1)(b) any renewal of those notes. See Utah Code 63B-1-101
  • Bond document: means :
         (4)(a) a resolution of the commission; or
         (4)(b) an indenture or other similar document authorized by the commission that authorizes and secures outstanding revenue bonds from time to time. See Utah Code 63B-1b-102
  • business of insurance: includes :
         (98)(a) providing health care insurance by an organization that is or is required to be licensed under this title;
         (98)(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:
              (98)(b)(i) by a single employer or by multiple employer groups; or
              (98)(b)(ii) through one or more trusts, associations, or other entities;
         (98)(c) providing an annuity:
              (98)(c)(i) including an annuity issued in return for a gift; and
              (98)(c)(ii) except an annuity provided by a person specified in Subsections 31A-22-1305(2) and (3);
         (98)(d) providing the characteristic services of a motor club;
         (98)(e) providing another person with insurance;
         (98)(f) making as insurer, guarantor, or surety, or proposing to make as insurer, guarantor, or surety, a contract or policy offering title insurance;
         (98)(g) transacting or proposing to transact any phase of title insurance, including:
              (98)(g)(i) solicitation;
              (98)(g)(ii) negotiation preliminary to execution;
              (98)(g)(iii) execution of a contract of title insurance;
              (98)(g)(iv) insuring; and
              (98)(g)(v) transacting matters subsequent to the execution of the contract and arising out of the contract, including reinsurance;
         (98)(h) transacting or proposing a life settlement; and
         (98)(i) doing, or proposing to do, any business in substance equivalent to Subsections (98)(a) through (h) in a manner designed to evade this title. See Utah Code 31A-1-301
  • Capital project: means any land, building, facility, highway, improvement, equipment, or other property, or combination of them, that the state of Utah or any of its agencies, divisions, institutions, or other administrative subunits are authorized by law to acquire or construct. See Utah Code 63B-1-101
  • Casualty insurance: means liability insurance. See Utah Code 31A-1-301
  • Certificate: means evidence of insurance given to:
         (23)(a) an insured under a group insurance policy; or
         (23)(b) a third party. See Utah Code 31A-1-301
  • City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
  • Commission: means the State Bonding Commission, created in Section 63B-1-201. See Utah Code 63B-1b-102
  • commissioner: means the insurance commissioner of Utah or the commissioner, director, or superintendent of insurance in another state. See Utah Code 31A-15-202
  • Completed operations liability: includes liability for an activity that is completed or abandoned before the date of the occurrence giving rise to the liability. See Utah Code 31A-15-202
  • consultant: means a person who:
         (99)(a) advises another person about insurance needs and coverages;
         (99)(b) is compensated by the person advised on a basis not directly related to the insurance placed; and
         (99)(c) except as provided in Section 31A-23a-501, is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301
  • 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.
  • Corporation: means an insurance corporation, except when referring to:
              (34)(a)(i) a corporation doing business:
                   (34)(a)(i)(A) as:
                        (34)(a)(i)(A)(I) an insurance producer;
                        (34)(a)(i)(A)(II) a surplus lines producer;
                        (34)(a)(i)(A)(III) a limited line producer;
                        (34)(a)(i)(A)(IV) a consultant;
                        (34)(a)(i)(A)(V) a managing general agent;
                        (34)(a)(i)(A)(VI) a reinsurance intermediary;
                        (34)(a)(i)(A)(VII) a third party administrator; or
                        (34)(a)(i)(A)(VIII) an adjuster; and
                   (34)(a)(i)(B) under:
                        (34)(a)(i)(B)(I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;
                        (34)(a)(i)(B)(II) Chapter 25, Third Party Administrators; or
                        (34)(a)(i)(B)(III) Chapter 26, Insurance Adjusters; or
              (34)(a)(ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the Insurance Department. See Utah Code 31A-1-301
  • Designated governmental entity: means the same as that term is defined in Section 67-3-13. See Utah Code 63A-19-101
  • Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
  • Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-101
  • Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-303
  • Employee: means :
         (57)(a) an individual employed by an employer; or
         (57)(b) an individual who meets the requirements of Subsection (55)(b). See Utah Code 31A-1-301
  • Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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.
  • facilities: means any public building, structure, highway, or property for any governmental purpose of state bodies, and the related and appurtenant easements, rights-of-way, improvements, paving, utilities, landscaping, parking facilities, and the lands, interests in land, and grounds, together with the personal property necessary, convenient, or appurtenant to them. See Utah Code 63B-1-303
  • Facility: includes a golf course. See Utah Code 63B-1-303
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • feasibility study: means an analysis that presents the expected activities and results of a risk retention group, including at a minimum:
         (8)(a) information sufficient to verify that its members are engaged in businesses or activities similar or related with respect to the liability to which the members are exposed by virtue of any related, similar or common business, trade, product, services, premises or operations;
         (8)(b) for each state in which it intends to operate, the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer;
         (8)(c) historical and expected loss experience of the proposed members and national experience of similar exposures to the extent that this experience is reasonably available;
         (8)(d) pro forma financial statements and projections;
         (8)(e) appropriate opinions by a qualified, independent casualty actuary, including a determination of minimum premium or participation levels required to commence operations and to prevent a hazardous financial condition;
         (8)(f) identification of management, underwriting and claims procedures, marketing methods, managerial oversight methods, investment policies, and reinsurance agreements;
         (8)(g) identification of each state in which the risk retention group has obtained, or sought to obtain, a charter and license, and a description of its status in each such state; and
         (8)(h) any other matters required by the commissioner of the state in which the risk retention group is chartered for liability insurance companies authorized by the insurance laws of that state. See Utah Code 31A-15-202
  • Filed: means that a filing is:
              (69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;
              (69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and
              (69)(a)(iii) accompanied by the appropriate fee in accordance with:
                   (69)(a)(iii)(A) Section 31A-3-103; or
                   (69)(a)(iii)(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:
         (70)(a) a policy;
         (70)(b) a rate;
         (70)(c) a form;
         (70)(d) a document;
         (70)(e) a plan;
         (70)(f) a manual;
         (70)(g) an application;
         (70)(h) a report;
         (70)(i) a certificate;
         (70)(j) an endorsement;
         (70)(k) an actuarial certification;
         (70)(l) a licensee annual statement;
         (70)(m) a licensee renewal application;
         (70)(n) an advertisement;
         (70)(o) a binder; or
         (70)(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.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301
  • Form: means one of the following prepared for general use:
              (74)(a)(i) a policy;
              (74)(a)(ii) a certificate;
              (74)(a)(iii) an application;
              (74)(a)(iv) an outline of coverage; or
              (74)(a)(v) an endorsement. See Utah Code 31A-1-301
  • Governmental entity: means the same as that term is defined in Section 63G-2-103. See Utah Code 63A-19-101
  • Hazardous financial condition: means that a risk retention group, based on its present or reasonably anticipated financial condition, although not yet financially impaired or insolvent, is unlikely to be able:
         (4)(a) to meet obligations to policyholders with respect to known claims and reasonably anticipated claims; or
         (4)(b) to pay other obligations in the normal course of business. See Utah Code 31A-15-202
  • Highway: includes :
         (15)(a) a public bridge;
         (15)(b) a county way;
         (15)(c) a county road;
         (15)(d) a common road; and
         (15)(e) a state road. See Utah Code 68-3-12.5
  • Individual: means a natural person. See Utah Code 31A-1-301
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • insolvent: means that:
         (95)(a) an insurer is unable to pay the insurer's obligations as the obligations are due;
         (95)(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
         (95)(c) an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301
  • Insurance: includes :
              (96)(b)(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;
              (96)(b)(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
              (96)(b)(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: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Utah Code 31A-15-202
  • insurance company: means a person doing an insurance business as a principal including:
              (104)(a)(i) a fraternal benefit society;
              (104)(a)(ii) an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3);
              (104)(a)(iii) a motor club;
              (104)(a)(iv) an employee welfare plan;
              (104)(a)(v) a person purporting or intending to do an insurance business as a principal on that person's own account; and
              (104)(a)(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:
              (103)(a)(i) a policyholder;
              (103)(a)(ii) a subscriber;
              (103)(a)(iii) a member; and
              (103)(a)(iv) a beneficiary. See Utah Code 31A-1-301
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • 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 :
         (18)(a) land;
         (18)(b) a tenement;
         (18)(c) a hereditament;
         (18)(d) a water right;
         (18)(e) a possessory right; and
         (18)(f) a claim. See 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
  • Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses because of injuries to other persons, damage to their property, or other damage or loss to other persons resulting from or arising out of:
              (6)(a)(i) any business, whether profit or nonprofit, trade, product, services, including professional services, premises, or operations; or
              (6)(a)(ii) any activity of any state or local government or any agency or political subdivision of any state or local government. See Utah Code 31A-15-202
  • Liability insurance: includes :
              (112)(b)(i) vehicle liability insurance;
              (112)(b)(ii) residential dwelling liability insurance; and
              (112)(b)(iii) making inspection of, and issuing a certificate of inspection upon, an elevator, boiler, machinery, or apparatus of any kind when done in connection with insurance on the elevator, boiler, machinery, or apparatus. See Utah Code 31A-1-301
  • License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage: means any mortgage, trust deed, indenture, pledge agreement, assignment, security agreement, financing statement, or other instrument that encumbers property as security for obligations. See Utah Code 63B-1-303
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • nonadmitted insurer: means an insurer:
              (191)(a)(i) not holding a valid certificate of authority to do an insurance business in this state; or
              (191)(a)(ii) transacting business not authorized by a valid certificate. See Utah Code 31A-1-301
  • 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.
  • Obligations: means any mortgage certificates, notes, debentures, interim certificates, revenue bonds, or other evidences of financial indebtedness. See Utah Code 63B-1-303
  • 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.
  • Person: includes :
         (146)(a) an individual;
         (146)(b) a partnership;
         (146)(c) a corporation;
         (146)(d) an incorporated or unincorporated association;
         (146)(e) a joint stock company;
         (146)(f) a trust;
         (146)(g) a limited liability company;
         (146)(h) a reciprocal;
         (146)(i) a syndicate; or
         (146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
  • Person: means :
         (24)(a) an individual;
         (24)(b) an association;
         (24)(c) an institution;
         (24)(d) a corporation;
         (24)(e) a company;
         (24)(f) a trust;
         (24)(g) a limited liability company;
         (24)(h) a partnership;
         (24)(i) a political subdivision;
         (24)(j) a government office, department, division, bureau, or other body of government; and
         (24)(k) any other organization or entity. See Utah Code 68-3-12.5
  • Personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in Subsection (6). See Utah Code 31A-15-202
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • Policy: includes a service contract issued by:
              (150)(b)(i) a motor club under Chapter 11, Motor Clubs;
              (150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and
              (150)(b)(iii) a corporation licensed under:
                   (150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or
                   (150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301
  • Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Premium: includes , however designated:
              (156)(b)(i) an assessment;
              (156)(b)(ii) a membership fee;
              (156)(b)(iii) a required contribution; or
              (156)(b)(iv) monetary consideration. 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
  • producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
  • Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product. See Utah Code 31A-15-202
  • Purchasing group: means any group that:
         (10)(a) has as one of its purposes the purchase of liability insurance on a group basis;
         (10)(b) purchases liability insurance only for its group members and only to cover their similar or related liability exposure, as described in Subsection (10)(c);
         (10)(c) is composed of members whose businesses or activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, products, services, premises, or operations; and
         (10)(d) is domiciled in any state. See Utah Code 31A-15-202
  • Rate: means :
              (163)(a)(i) the cost of a given unit of insurance; or
              (163)(a)(ii) for property or casualty insurance, that cost of insurance per exposure unit either expressed as:
                   (163)(a)(ii)(A) a single number; or
                   (163)(a)(ii)(B) a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of:
                        (163)(a)(ii)(B)(I) expenses;
                        (163)(a)(ii)(B)(II) profit; and
                        (163)(a)(ii)(B)(III) individual insurer variation in loss experience. See Utah Code 31A-1-301
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • 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
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Revenue bonds: means any special fund revenue bonds issued under this chapter. See Utah Code 63B-1b-102
  • Revolving Loan Funds: means :
         (7)(a) the Water Resources Conservation and Development Fund, created in Section 73-10-24;
         (7)(b) the Water Resources Construction Fund, created in Section 73-10-8;
         (7)(c) the Water Resources Cities Water Loan Fund, created in Section 73-10-22;
         (7)(d) the Clean Fuel Conversion Funds, created in Title 19, Chapter 1, Part 4, Clean Fuels and Emission Reduction Technology Program Act;
         (7)(e) the Water Development Security Fund and its subaccounts, created in Section 73-10c-5;
         (7)(f) the Agriculture Resource Development Fund, created in Section 4-18-106;
         (7)(g) the Utah Rural Rehabilitation Fund, created in Section 4-19-105;
         (7)(h) the Permanent Community Impact Fund, created in Section 35A-8-303;
         (7)(i) the Petroleum Storage Tank Fund, created in Section 19-6-409; and
         (7)(j) the State Infrastructure Bank Fund, created in Section 72-2-202. See Utah Code 63B-1b-102
  • Risk retention group: means any corporation or other limited liability association:
         (11)(a) whose primary activity consists of assuming and spreading all, or any portion of, the liability exposure of its group members;
         (11)(b) which is organized for the primary purpose of conducting the activity described under Subsection (11)(a);
         (11)(c) that:
              (11)(c)(i) is chartered and licensed as a liability insurance company and authorized to engage in the business of insurance under the laws of any state; or
              (11)(c)(ii)
                   (11)(c)(ii)(A) before January 1, 1985, was chartered or licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before January 1, 1985, had certified to the insurance commissioner of at least one state that it satisfied the capitalization requirements of that state;
                   (11)(c)(ii)(B) except that any group as described in Subsection (11)(c)(ii)(A) shall be considered to be a risk retention group only if it has been engaged in business continuously since January 1, 1985, and only for the purpose of continuing to provide insurance to cover product liability or completed operations liability, as these terms were defined in the Product Liability Risk Retention Act of 1981 before the date of the enactment of the Liability Risk Retention Act of 1986;
         (11)(d) that does not exclude any person from membership in the group solely to provide for members of the group a competitive advantage over the excluded person;
         (11)(e) that:
              (11)(e)(i) has as its owners only persons who comprise the membership of the risk retention group and who are provided insurance by the group; or
              (11)(e)(ii) has as its sole owner an organization that has as:
                   (11)(e)(ii)(A) its members only persons who comprise the membership of the risk retention group; and
                   (11)(e)(ii)(B) its owners only persons who comprise the membership of the risk retention group and who are provided insurance by the group;
         (11)(f) whose members are engaged in businesses or activities similar or related with respect to the liability to which the members are exposed by virtue of any related, similar, or common business trade, products, services, premises or operations;
         (11)(g) whose activities do not include providing insurance other than:
              (11)(g)(i) liability insurance for assuming and spreading all or any portion of the liability of its group members; and
              (11)(g)(ii) reinsurance with respect to the liability of any other risk retention group, or any members of the other group, which is engaged in businesses or activities so that the group or member meets the requirement described in Subsection (11)(f) for membership in the risk retention group which provides the reinsurance; and
         (11)(h) the name of which includes the phrase "risk retention group. See Utah Code 31A-15-202
  • Security: means a:
              (176)(a)(i) note;
              (176)(a)(ii) stock;
              (176)(a)(iii) bond;
              (176)(a)(iv) debenture;
              (176)(a)(v) evidence of indebtedness;
              (176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;
              (176)(a)(vii) collateral-trust certificate;
              (176)(a)(viii) preorganization certificate or subscription;
              (176)(a)(ix) transferable share;
              (176)(a)(x) investment contract;
              (176)(a)(xi) voting trust certificate;
              (176)(a)(xii) certificate of deposit for a security;
              (176)(a)(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;
              (176)(a)(xiv) commodity contract or commodity option;
              (176)(a)(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 (176)(a)(i) through (xiv); or
              (176)(a)(xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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.
  • Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
  • Sinking fund: means the fund or account established as provided in this title to hold money to pay the principal and interest on each series of bonds as they become due. See Utah Code 63B-1-101
  • State: means :
         (12)(a) a state of the United States; or
         (12)(b) the District of Columbia. See Utah Code 31A-15-202
  • state bodies: includes a college or university when the obligation to be issued will finance the acquisition or construction of research facilities, housing facilities, or student centers at the college or university. See Utah Code 63B-1-303
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Writing: includes :
         (48)(a) printing;
         (48)(b) handwriting; and
         (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5