Utah Code 31A-28-209. Plan of operation
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Terms Used In Utah Code 31A-28-209
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. 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
- 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
- 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 Subsection31A-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- Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
- 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(1)(a) The association shall submit to the commissioner a plan of operation and any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the association.(1)(b) The plan of operation and amendments described in Subsection (1)(a) are effective upon approval in writing by the commissioner.(1)(c) Any amendments made under this section after July 1, 1986, shall be made within 180 days of the changed circumstance.(2) The plan of operation shall continue in force until:(2)(a) modified by the commissioner; or(2)(b) superseded by a plan:(2)(b)(i) submitted by the association; and(2)(b)(ii) approved by the commissioner.(3) All member insurers shall comply with the plan of operation.(4) The plan of operation shall, in addition to requirements enumerated elsewhere in this part:(4)(a) establish procedures for handling the assets of the association;(4)(b) establish the amount and method of reimbursing members of the board of directors under Section 31A-28-206;(4)(c) establish regular places and times for meetings of the board of directors;(4)(d) establish procedures for records to be kept of all financial transactions of the association, the association’s agents, and the board of directors;(4)(e) establish the procedures on how selections for the board of directors shall be made and submitted to the commissioner;(4)(f) establish a procedure for the disposition of dividends or distributions from the estate of the insolvent insurer;(4)(g) establish any additional procedures for assessments under Section 31A-28-208; and(4)(h) contain any additional provisions that are necessary or proper for the execution of the powers and duties of the association.(5)(5)(a) The plan of operation may provide that any or all of the powers and duties of the association, except those under Sections 31A-28-207 and 31A-28-208, are delegated to one of the following that performs functions similar to the association:(5)(a)(i) a corporation;(5)(a)(ii) an association; or(5)(a)(iii) organization other than one described in Subsections (5)(a)(i) and (ii).(5)(b) A corporation, association, or organization described in Subsection (5)(a) shall:(5)(b)(i) be reimbursed for any payments made on behalf of the association; and(5)(b)(ii) be paid for its performance of any function of the association.(5)(c) A delegation under this Subsection (5) takes effect only with the approval of:(5)(c)(i) the board of directors; and(5)(c)(ii) the commissioner.