Utah Code 31A-20-106. Variable contracts
Current as of: 2024 | Check for updates
|
Other versions
(1)
Terms Used In Utah Code 31A-20-106
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity: means an agreement to make periodical payments for a period certain or over the lifetime of one or more individuals if the making or continuance of all or some of the series of the payments, or the amount of the payment, is dependent upon the continuance of human life. See Utah Code 31A-1-301
- Contract: A legal written agreement that becomes binding when signed.
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- 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
- 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.
- Life insurance: means :
(114)(a)(i) insurance on a human life; and(114)(a)(ii) insurance pertaining to or connected with human life. See Utah Code 31A-1-301- Policy: includes a service contract issued by:
(150)(b)(i) a motor club under Chapter 11, Motor Clubs;(150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and(150)(b)(iii) a corporation licensed under:(150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or(150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. 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
(1)(a) An insurer may not deliver or issue for delivery within this state an insurance policy that provides a life or annuity benefit in a variable amount until the insurer:(1)(a)(i) is licensed to do a life insurance or annuity business in this state; and(1)(a)(ii) satisfies the commissioner that the insurer’s condition and methods of operation in connection with those types of insurance policies do not render the insurer’s operation hazardous to the public or its policyholders in this state.(1)(b) Notwithstanding any other provision of law, the commissioner has sole authority to:(1)(b)(i) regulate the issuance and sale of a variable contract; and(1)(b)(ii) make rules necessary and appropriate to carry out this chapter in relation to a variable contract.(2) In determining the qualification of an insurer requesting authority to deliver an insurance policy described in Subsection (1) in this state, the commissioner shall consider:(2)(a) the history and financial condition of the insurer;(2)(b) the character, responsibility, and general fitness of the insurer’s officers and directors; and(2)(c) in the case of a foreign insurer, whether the regulation provided by the state of its domicile or the jurisdiction in which its head office is located provides protection to policyholders and the public substantially equal to that provided by this title and the rules issued under this title.(3) If an insurer is a subsidiary of an admitted life insurer, or affiliated with an admitted life insurer through common management or ownership, the commissioner may consider the insurer to have met the requirements of this section if:(3)(a) the insurer meets the requirements of this section; or(3)(b) the parent or the affiliated insurer meets the requirements of this section.(4) This title applies to a separate account or a contract relating to the separate account, except:(4)(b) Sections 31A-22-402, 31A-22-407, and 31A-22-408, in the case of a variable life insurance policy; and(4)(c) as otherwise provided in this title.