Utah Code 31A-1-102. Purposes
Current as of: 2024 | Check for updates
|
Other versions
The purposes of the Insurance Code are to:
(1) ensure the solidity of insurers doing business in Utah;
Terms Used In Utah Code 31A-1-102
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Insurance Department. 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
- 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
(2) ensure that policyholders, claimants, and insurers are treated fairly and equitably;
(3) ensure that Utah has an adequate and healthy insurance market, characterized by competitive conditions, the spirit of innovation, and the exercise of initiative;
(4) provide for an insurance department that is expert in the field of insurance and able to enforce the Insurance Code effectively;
(5) encourage cooperation between the Insurance Department and other Utah regulatory bodies, as well as other federal and state governmental entities;
(6) preserve and improve state regulation of insurance;
(7) maintain freedom of contract and enterprise;
(8) encourage self regulation of the insurance industry;
(9) encourage loss prevention as part of the insurance industry;
(10) keep the public informed on insurance matters; and
(11) achieve other purposes stated elsewhere in the Insurance Code.