Utah Code 31A-9-104. Applicability of other insurance laws to fraternals
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(1) No section of Chapter 5, Domestic Stock and Mutual Insurance Corporations, applies to fraternals unless it is specifically made applicable by this chapter.
Terms Used In Utah Code 31A-9-104
- 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
- Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
(2) Each section of the Insurance Code, other than in Chapter 5, Domestic Stock and Mutual Insurance Corporations, that applies to mutuals subject to Chapter 5, Domestic Stock and Mutual Insurance Corporations, also applies to domestic and nondomestic fraternals unless:(2)(a) this chapter or the particular section provides otherwise; or(2)(b) the particular section is inconsistent with a provision applying explicitly to fraternals, in this chapter or elsewhere.