Utah Code 31A-27-501. Title — Construction — Commissioner’s powers
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(1) This chapter is known as the “Delinquency Administrative Action Provisions.”
Terms Used In Utah Code 31A-27-501
- Application: means a document:(10)(a)(10)(a)(i) completed by an applicant to provide information about the risk to be insured; and(10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:(10)(a)(ii)(A) insure the risk under:(10)(a)(ii)(A)(I) the coverage as originally offered; or(10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or(10)(a)(ii)(B) decline to insure the risk; or(10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. 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- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- 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
(2) The proceedings authorized by this part may be applied to:(2)(a) all insurers and reinsurers:(2)(a)(i) who are doing, or have done, an insurance business in this state; and(2)(a)(ii) against whom claims arising from that business may exist;(2)(b) all insurers who have the appearance of or claim they do an insurance business in this state;(2)(c) all insurers who have insureds resident in this state; and(2)(d) all other persons organized or in the process of organizing to do an insurance business as an insurer in this state.(3) This part shall be liberally construed to protect the interests of insureds, creditors, and the public generally, with minimum interference with the normal prerogatives of owners, through:(3)(a) early detection of any potentially dangerous condition in an insurer;(3)(b) prompt application of appropriate regulatory corrective measures; and(3)(c) regulation of the insurance business by law relating to insolvency of insurers and by substantive rules on the entire insurance business.(4) This part does not limit the powers granted the commissioner by other provisions of law. - Insurance: includes :