Utah Code 31A-14-101. Purposes of chapter
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This chapter’s purposes are to:
(1) protect insureds, creditors, and the public by providing adequate standards and an orderly procedure for the authorization of foreign insurers;
Terms Used In Utah Code 31A-14-101
- 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
- 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.
(2) subject foreign insurers doing an insurance business in Utah to the jurisdiction of the Utah commissioner and courts; and(3) provide Utah policyholders dealing with foreign insurers with regulatory protection equivalent to that provided to Utah policyholders dealing with domestic insurers.