Utah Code 31A-20-102. Joint underwriting
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(1) Every group, association, or other organization of insurers that engages in joint underwriting or joint reinsurance shall file with the commissioner:
Terms Used In Utah Code 31A-20-102
- articles of incorporation: means :(11)(a) the original articles;(11)(b) a special law;(11)(c) a charter;(11)(d) an amendment;(11)(e) restated articles;(11)(f) articles of merger or consolidation;(11)(g) a trust instrument;(11)(h) another constitutive document for a trust or other entity that is not a corporation; and(11)(i) an amendment to an item listed in Subsections (11)(a) through (h). See Utah Code 31A-1-301
- Individual: means a natural person. 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- Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- 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
(1)(a) a copy of its constitution, articles of incorporation, or agreement of association, and its bylaws or rules governing its activities, all certified by the custodian of the originals;(1)(b) a list of its members; and(1)(c) the name and address of its resident process agent.(2) Every group, association, or other organization shall promptly notify the commissioner of every change in its constitution, articles of incorporation, agreement of association, bylaws, rules, its list of members, and its resident process agent.(3)(3)(a) If all members of a group of insurers under this section are authorized to do business in Utah, the business done by the group shall be allocated for regulatory purposes to individual members of the group.(3)(b) The group itself is subject only to:(3)(b)(i) Chapter 1, General Provisions;(3)(b)(ii) Chapter 2, Administration of the Insurance Laws;(3)(b)(iii) Chapter 4, Insurers in General;(3)(b)(iv) Chapter 20, Underwriting Restrictions;(3)(b)(v) Chapter 21, Insurance Contracts in General;(3)(b)(vi) Chapter 22, Contracts in Specific Lines;(3)(b)(vii) Chapter 23a, Insurance Marketing – Licensing Producers, Consultants, and Reinsurance Intermediaries; and(3)(b)(viii) Chapter 26, Insurance Adjusters.(3)(c) If any member of the group is not authorized to do business in Utah, the group shall obtain authorization to do business under Chapter 14, Foreign Insurers, and is subject to regulation under that chapter.