Utah Code 31A-19a-305. Anti-competitive agreements prohibited
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Terms Used In Utah Code 31A-19a-305
- Joint underwriting: means a voluntary arrangement established to provide insurance coverage for a risk pursuant to which two or more insurers jointly contract with the insured at a price and under policy terms agreed upon between the insurers. See Utah Code 31A-19a-102
- Market: means the interaction between buyers and sellers consisting of a:(8)(a)(i) product component; and(8)(a)(ii) geographic component. See Utah Code 31A-19a-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes :
(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301- Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
- Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
- under common control: means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person. See Utah Code 31A-1-301
(1)(a) An insurer may not assume any obligation to any person other than a policyholder or other company under common control, to use or adhere to certain rates or rating procedures.(1)(b) Except for a policyholder or other company under common control, a person may not impose any penalty or other adverse consequence for failure of an insurer to adhere to certain rates or rating procedures.(2) This section does not apply to rates used:(2)(a) by a joint underwriting group;(2)(b) by a pool;(2)(c) under quota share reinsurance treaties; or(2)(d) by a residual market mechanism.