Utah Code 31A-31-108.5. Insurance Fraud Victim Restitution Fund
Current as of: 2024 | Check for updates
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(1) There is created an expendable special revenue fund known as the “Insurance Fraud Victim Restitution Fund.”
Terms Used In Utah Code 31A-31-108.5
- Fraud: Intentional deception resulting in injury to another.
- 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
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
(2) The Insurance Fraud Victim Restitution Fund shall consist of money ordered paid under Subsections 31A-31-109(1)(a)(i) and (2)(a).(3) The commissioner shall administer the Insurance Fraud Victim Restitution Fund for the sole benefit of insurance fraud victims.