Terms Used In Utah Code > Title 31A > Chapter 27a > Part 3 - Rehabilitation

• Administrator: means the same as that term is defined in Subsection (187). See Utah Code 31A-1-301
• 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
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
• Contract: A legal written agreement that becomes binding when signed.
• Contractor: means a private entity seeking to contract with or currently contracting with the department to establish or operate a private correctional facility. See Utah Code 64-13d-102
• Control: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
• Correctional services: means those services necessary for the operation of a correctional facility, including the provision of food, clothing, security, programs, and health care. See Utah Code 64-13d-102
• 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
• Facility: means a private correctional facility established or operated under a contract with the department. See Utah Code 64-13d-102
• 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
• Good faith: means honesty in fact and intention, and in regard to Part 5, Asset Recovery, also requires the absence of:
       (19)(a) information that would lead a reasonable person in the same position to know that the insurer is financially impaired or insolvent; and
       (19)(b) knowledge regarding the imminence or pendency of a delinquency proceeding against the insurer. See Utah Code 31A-27a-102
• Guaranty association: means :
       (20)(a) a mechanism mandated by Chapter 28, Guaranty Associations; or
       (20)(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:
            (84)(a)(i) a health care benefit; or
            (84)(a)(ii) payment of an incurred health care expense. See Utah Code 31A-1-301
• insolvent: means that an insurer:
       (22)(a) is unable to pay its obligations when they are due;
       (22)(b) does not have admitted assets at least equal to all of its liabilities; or
       (22)(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 :
            (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
• insurer: means a person who:
       (23)(a) is doing, has done, purports to do, or is licensed to do the business of insurance;
       (23)(b) is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or
       (23)(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.
• 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 :
            (114)(a)(i) insurance on a human life; and
            (114)(a)(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 :
       (27)(a) the commissioner;
       (27)(b) a nondomiciliary commissioner in whose state the insurer has outstanding claims liabilities;
       (27)(c) an affected guaranty association; and
       (27)(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:

            (27)(d)(i) an insurer that ceded to or assumed business from the insurer;

            (27)(d)(ii) a policyholder;

            (27)(d)(iii) a third party claimant;

            (27)(d)(iv) a creditor;

            (27)(d)(v) a 10% or greater equity security holder in the insolvent insurer; and

            (27)(d)(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 :
       (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
• Policy: includes all clauses, riders, endorsements, and papers that are a part of a policy. See Utah Code 31A-27a-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• 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: means a state, district, or territory of the United States. 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
• Transfer: includes the sale and every other and different mode of disposing of or parting with property or with an interest in property, whether:
            (46)(a)(i) directly or indirectly;
            (46)(a)(ii) absolutely or conditionally;
            (46)(a)(iii) voluntarily or involuntarily; or
            (46)(a)(iv) by or without judicial proceedings. See Utah Code 31A-27a-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}