Terms Used In Utah Code > Title 31A > Chapter 23a > Part 7 - Producer Controlled Insurers

• 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
• Administrator: means the executive director or the executive director's designee. See Utah Code 63N-3-102
• Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301
• Agreement: means an agreement described in Section 63N-2-503. See Utah Code 63N-2-502
• Applicant: means an individual, for profit business entity, nonprofit, corporation, partnership, unincorporated association, government entity, executive branch department or division of a department, a political subdivision, a state institution of higher education, or any other administrative unit of the state. See Utah Code 63N-3-102
• 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.
• Base taxable value: means the value of hotel property before the construction on a qualified hotel begins, as that value is established by the county in which the hotel property is located, using a reasonable valuation method that may include the value of the hotel property on the county assessment rolls the year before the year during which construction on the qualified hotel begins. See Utah Code 63N-2-502
• board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
• Business applicant: means a business that:
       (1)(a) is a claimant, estate, or trust; and
       (1)(b) meets the criteria established in Section 63N-2-304. See Utah Code 63N-2-302
• Certified claim: means a claim that the office has approved and certified as provided in Section 63N-2-505. See Utah Code 63N-2-502
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Claim: means a written document submitted by a qualified hotel owner or host local government to request a convention incentive. See Utah Code 63N-2-502
• claimant: means a resident person or a nonresident person. See Utah Code 63N-2-302
• Claimant: means the qualified hotel owner or host local government that submits a claim under Subsection 63N-2-505(1)(a) for a convention incentive. See Utah Code 63N-2-502
• Claimant: means the same as that term is defined in Section 59-10-1002. See Utah Code 63N-2-802
• Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102
• Commission: means the Utah State Tax Commission. See Utah Code 63N-2-502
• Community investment project: means a project that includes one or more of the following criteria in addition to the normal operations of the business applicant:
       (3)(a) significant new employment; or
       (3)(b) significant new capital development. See Utah Code 63N-2-302
• Community reinvestment agency: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-2-502
• Construction revenue: means revenue generated from state taxes and local taxes imposed on transactions occurring during the eligibility period as a result of the construction of the hotel property, including purchases made by a qualified hotel owner and its subcontractors. See Utah Code 63N-2-502
• Contract: A legal written agreement that becomes binding when signed.
• Controlled insurer: means a licensed insurer that is either directly or indirectly controlled by a producer. See Utah Code 31A-1-301
• Controlling producer: means a producer who directly or indirectly controls an insurer. See Utah Code 31A-1-301
• Convention incentive: means an incentive for the development of a qualified hotel, in the form of payment from the incentive fund as provided in this part, as authorized in an agreement. See Utah Code 63N-2-502
• 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.
• County executive: means :
       (7)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
       (7)(b) the county executive, in the county executive-council optional form of government authorized by Section 17-52a-203; or
       (7)(c) the county manager, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Eligibility period: means :
       (10)(a) the period that:

            (10)(a)(i) begins the date construction of a qualified hotel begins; and

            (10)(a)(ii) ends:

                 (10)(a)(ii)(A) for purposes of the state portion, 20 years after the date of initial occupancy of that qualified hotel; or

                 (10)(a)(ii)(B) for purposes of the local portion and incremental property tax revenue, 25 years after the date of initial occupancy of that hotel; or
       (10)(b) as provided in an agreement between the office and a qualified hotel owner or host local government, a period that:

            (10)(b)(i) begins no earlier than the date construction of a qualified hotel begins; and

            (10)(b)(ii) is shorter than the period described in Subsection (10)(a). See Utah Code 63N-2-502
• Endorsement letter: means a letter:
       (11)(a) from the county in which a qualified hotel is located or is proposed to be located;
       (11)(b) signed by the county executive; and
       (11)(c) expressing the county's endorsement of a developer of a qualified hotel as meeting all the county's criteria for receiving the county's endorsement. See Utah Code 63N-2-502
• Enterprise zone: means an area within a county or municipality that has been designated as an enterprise zone by the office under Part 2, Enterprise Zone Act. See Utah Code 63N-2-302
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Estate: means a resident estate or a nonresident estate. See Utah Code 63N-2-302
• 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.
• Executive director: means the executive director of the office. See Utah Code 63N-1a-102
• 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}
• Fiduciary: A trustee, executor, or administrator.
• 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
• 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.
• GOEO: means the Governor's Office of Economic Opportunity. See Utah Code 63N-1a-102
• GOEO board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102
• Host agency: means the community reinvestment agency of the host local government. See Utah Code 63N-2-502
• Host local government: means :
       (13)(a) a county that enters into an agreement with the office for the construction of a qualified hotel within the unincorporated area of the county; or
       (13)(b) a city or town that enters into an agreement with the office for the construction of a qualified hotel within the boundary of the city or town. See Utah Code 63N-2-502
• Hotel property: means a qualified hotel and any property that is included in the same development as the qualified hotel, including convention, exhibit, and meeting space, retail shops, restaurants, parking, and other ancillary facilities and amenities. See Utah Code 63N-2-502
• Incentive fund: means the Convention Incentive Fund created in Section Utah Code 63N-2-502
• Incremental property tax revenue: means the amount of property tax revenue generated from hotel property that equals the difference between:
       (16)(a) the amount of property tax revenue generated in any tax year by all taxing entities from hotel property, using the current assessed value of the hotel property; and
       (16)(b) the amount of property tax revenue that would be generated that tax year by all taxing entities from hotel property, using the hotel property's base taxable value. See Utah Code 63N-2-502
• 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
• 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
• Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of Part 7, Producer Controlled Insurers:
       (4)(a) a risk retention group as defined in:

            (4)(a)(i) the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-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.
• 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.
• 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
• Life science establishment: means the same as that term is defined in Section 59-10-1025. See Utah Code 63N-2-802
• Local portion: means the portion of new tax revenue that is generated by local taxes. See Utah Code 63N-2-502
• Local taxes: means a tax imposed under:
       (18)(a) Section 59-12-204;
       (18)(b) Section 59-12-301;
       (18)(c) Sections 59-12-352 and 59-12-353;
       (18)(d) Subsection 59-12-603(1)(a); or
       (18)(e) Section 59-12-1102. See Utah Code 63N-2-502
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning a substantive benefit, term, or condition of the contract if the person engaged in that act:
       (7)(a) sells insurance; or
       (7)(b) obtains insurance from insurers for purchasers. See Utah Code 31A-23a-102
• New state revenue: means the state revenue collected from a business entity or a business entity's employees during a calendar year minus the baseline state revenue calculation. See Utah Code 63N-1a-102
• New tax revenue: means construction revenue, offsite revenue, and onsite revenue. See Utah Code 63N-2-502
• 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.
• Offsite revenue: means revenue generated from state taxes and local taxes imposed on transactions by a third-party seller occurring other than on hotel property during the eligibility period, if:
       (20)(a) the transaction is subject to a tax under Title 59, Chapter 12, Sales and Use Tax Act; and
       (20)(b) the third-party seller voluntarily consents to the disclosure of information to the office, as provided in Subsection 63N-2-505(2)(b)(i)(E). See Utah Code 63N-2-502
• Onsite revenue: means revenue generated from state taxes and local taxes imposed on transactions occurring on hotel property during the eligibility period. See Utah Code 63N-2-502
• Order: means an order of the commissioner. See Utah Code 31A-1-301
• 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 :
       (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 property: All property that is not real property.
• Personal property: includes :
       (25)(a) money;
       (25)(b) goods;
       (25)(c) chattels;
       (25)(d) effects;
       (25)(e) evidences of a right in action;
       (25)(f) a written instrument by which a pecuniary obligation, right, or title to property is created, acknowledged, transferred, increased, defeated, discharged, or diminished; and
       (25)(g) a right or interest in an item described in Subsections (25)(a) through (f). See Utah Code 68-3-12.5
• 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
• 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
• 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
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Public infrastructure: means :
       (22)(a) water, sewer, storm drainage, electrical, telecommunications, and other similar systems and lines;
       (22)(b) streets, roads, curbs, gutters, sidewalks, walkways, parking facilities, and public transportation facilities; and
       (22)(c) other buildings, facilities, infrastructure, and improvements that benefit the public. See Utah Code 63N-2-502
• Qualified hotel: means a full-service hotel development constructed in the state on or after July 1, 2014 that:
       (23)(a) requires a significant capital investment;
       (23)(b) includes at least 85 square feet of convention, exhibit, and meeting space per guest room; and
       (23)(c) is located within 1,000 feet of a convention center that contains at least 500,000 square feet of convention, exhibit, and meeting space. See Utah Code 63N-2-502
• Qualified hotel owner: means a person who owns a qualified hotel. See Utah Code 63N-2-502
• Refundable tax credit: means a tax credit that a claimant, estate, or trust may claim:
       (6)(a) as provided by statute; and
       (6)(b) regardless of whether, for the taxable year for which the claimant, estate, or trust claims the tax credit, the claimant, estate, or trust has a tax liability under:

            (6)(b)(i) Title 59, Chapter 7, Corporate Franchise and Income Taxes; or

            (6)(b)(ii) Title 59, Chapter 10, Individual Income Tax Act. See Utah Code 63N-2-302
• 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
• Restricted Account: means the restricted account known as the Industrial Assistance Account created in Section 63N-3-103. See Utah Code 63N-3-102
• Review committee: means the independent review committee established under Section 63N-2-504. See Utah Code 63N-2-502
• Significant capital investment: means an amount of at least $200,000,000. See Utah Code 63N-2-502
• 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 portion: means the portion of new tax revenue that is generated by state taxes. See Utah Code 63N-2-502
• State revenue: means state tax liability paid by a business entity or a business entity's employees under any combination of the following provisions:
       (12)(a) Title 59, Chapter 7, Corporate Franchise and Income Taxes;
       (12)(b) Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information;
       (12)(c) Title 59, Chapter 10, Part 2, Trusts and Estates;
       (12)(d) Title 59, Chapter 10, Part 4, Withholding of Tax; and
       (12)(e) Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-1a-102
• State taxes: means a tax imposed under Subsection 59-12-103(2)(a)(i), (2)(b)(i), (2)(c)(i), or (2)(e)(i)(A). See Utah Code 63N-2-502
• Statute: A law passed by a legislature.
• Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
• Talent development grant: means a grant awarded under Section 63N-3-112. See Utah Code 63N-3-102
• Targeted business income tax credit: means a refundable tax credit available under this part. See Utah Code 63N-2-302
• Targeted business income tax credit eligibility certificate: means a document provided by the office to a business applicant before the applicant may claim a targeted business income tax credit under this part. See Utah Code 63N-2-302
• 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
• Tax credit: means a tax credit under Section 59-10-1025. See Utah Code 63N-2-802
• Tax credit applicant: means a person that applies to the office to receive a tax credit certificate under this part. See Utah Code 63N-2-802
• Tax credit certificate: means a certificate issued by the office that:
       (6)(a) lists the name of the tax credit certificate recipient;
       (6)(b) lists the tax credit certificate recipient's taxpayer identification number;
       (6)(c) lists the amount of the tax credit certificate recipient's tax credits authorized under this part for a taxable year; and
       (6)(d) includes other information as determined by the office. See Utah Code 63N-2-802
• Tax credit certificate recipient: means an eligible claimant, estate, or trust that receives a tax credit certificate in accordance with this part for a tax credit under Section 59-10-1025. See Utah Code 63N-2-802
• Terminate: means :
       (14)(a) the cancellation of the relationship between:

            (14)(a)(i) an individual licensee or agency licensee and a particular insurer; or

            (14)(a)(ii) an individual licensee and a particular agency licensee; or
       (14)(b) the termination of:

            (14)(b)(i) an individual licensee's or agency licensee's authority to transact insurance on behalf of a particular insurance company; or

            (14)(b)(ii) an individual licensee's authority to transact insurance on behalf of a particular agency licensee. See Utah Code 31A-23a-102
• Third-party seller: means a person who is a seller in a transaction:
       (29)(a) occurring other than on hotel property;
       (29)(b) that is:

            (29)(b)(i) the sale, rental, or lease of a room or of convention or exhibit space or other facilities on hotel property; or

            (29)(b)(ii) the sale of tangible personal property or a service that is part of a bundled transaction, as defined in Section 59-12-102, with a sale, rental, or lease described in Subsection (29)(b)(i); and
       (29)(c) that is subject to a tax under Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-2-502
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Trust: means a resident trust or a nonresident trust. See Utah Code 63N-2-302