Terms Used In Utah Code 31A-37-103

• Captive insurance company: includes any of the following formed or holding a certificate of authority under this chapter:
            (9)(b)(i) a branch captive insurance company;
            (9)(b)(ii) a pure captive insurance company;
            (9)(b)(iii) an association captive insurance company;
            (9)(b)(iv) a sponsored captive insurance company;
            (9)(b)(v) an industrial insured captive insurance company, including an industrial insured captive insurance company formed as a risk retention group captive in this state pursuant to the provisions of the Federal Liability Risk Retention Act of 1986;
            (9)(b)(vi) a special purpose captive insurance company; or
            (9)(b)(vii) a special purpose financial captive insurance company. See Utah Code 31A-37-102
• Certificate: means evidence of insurance given to:
       (23)(a) an insured under a group insurance policy; or
       (23)(b) a third party. 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
• insurance company: means a person doing an insurance business as a principal including:
            (104)(a)(i) a fraternal benefit society;
            (104)(a)(ii) an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3);
            (104)(a)(iii) a motor club;
            (104)(a)(iv) an employee welfare plan;
            (104)(a)(v) a person purporting or intending to do an insurance business as a principal on that person's own account; and
            (104)(a)(vi) a health maintenance organization. See Utah Code 31A-1-301
• Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
• Rate: means :
            (163)(a)(i) the cost of a given unit of insurance; or
            (163)(a)(ii) for property or casualty insurance, that cost of insurance per exposure unit either expressed as:

                 (163)(a)(ii)(A) a single number; or

                 (163)(a)(ii)(B) a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of:

                      (163)(a)(ii)(B)(I) expenses;

                      (163)(a)(ii)(B)(II) profit; and

                      (163)(a)(ii)(B)(III) individual insurer variation in loss experience. See Utah Code 31A-1-301
• Special purpose financial captive insurance company: means the same as that term is defined in Section 31A-37a-102. See Utah Code 31A-37-102
• 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