Utah Code 31A-14-217. Revocation of certificate of authority
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Terms Used In Utah Code 31A-14-217
- Certificate: means evidence of insurance given to:(23)(a) an insured under a group insurance policy; or(23)(b) a third party. See Utah Code 31A-1-301
- Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301
- Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. 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- Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
Whenever there would be grounds for delinquency proceedings under Chapter 27a, Insurer Receivership Act, against a foreign insurer, if the foreign insurer were a domestic insurer, the commissioner may, after any proceeding authorized by Title 63G, Chapter 4, Administrative Procedures Act, revoke, suspend, or limit the foreign insurer’s certificate of authority. This action does not affect insurance which has already been issued. The insurer remains subject to regulation until released under Section 31A-14-216.