Terms Used In Utah Code 31A-37-302

• Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301
• Association: means a legal association of two or more persons that meets the following requirements:
       (4)(a) the persons are exposed to similar or related liability because of related, similar, or common business trade, products, services, premises, or operations; and
       (4)(b)

            (4)(b)(i) the association or the association's member organizations:

                 (4)(b)(i)(A) own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer;

                 (4)(b)(i)(B) have complete voting control over an association captive insurance company incorporated as a mutual insurer; or

                 (4)(b)(i)(C) have complete voting control over an association captive insurance company formed as a limited liability company; or

            (4)(b)(ii) the association's member organizations collectively constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer. See Utah Code 31A-37-102
• 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
• Commissioner: means Utah's Insurance Commissioner or the commissioner's designee. See Utah Code 31A-37-102
• Form: means one of the following prepared for general use:
            (74)(a)(i) a policy;
            (74)(a)(ii) a certificate;
            (74)(a)(iii) an application;
            (74)(a)(iv) an outline of coverage; or
            (74)(a)(v) an endorsement. See Utah Code 31A-1-301
• Industrial insured: means an insured:
       (18)(a) that produces insurance:

            (18)(a)(i) by the services of a full-time employee acting as a risk manager or insurance manager; or

            (18)(a)(ii) using the services of a regularly and continuously qualified insurance consultant;
       (18)(b) whose aggregate annual premiums for insurance on all risks total at least $25,000; and
       (18)(c) that has at least 25 full-time employees. See Utah Code 31A-37-102
• Industrial insured captive insurance company: means a business entity that:
       (19)(a) insures risks of the industrial insureds that comprise the industrial insured group; and
       (19)(b) may insure the risks of:

            (19)(b)(i) an affiliated company of an industrial insured; or

            (19)(b)(ii) a controlled unaffiliated business of:

                 (19)(b)(ii)(A) an industrial insured; or

                 (19)(b)(ii)(B) an affiliated company of an industrial insured. See Utah Code 31A-37-102
• 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
• Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
            (103)(a)(i) a policyholder;
            (103)(a)(ii) a subscriber;
            (103)(a)(iii) a member; and
            (103)(a)(iv) a beneficiary. See Utah Code 31A-1-301
• Parent: means a person that directly or indirectly owns, controls, or holds with power to vote more than 50% of the outstanding securities of an organization. See Utah Code 31A-37-102
• Pure captive insurance company: means a business entity that insures risks of a parent or affiliate of the business entity. See Utah Code 31A-37-102
• Sponsored captive insurance company: means a captive insurance company:
       (29)(a) in which the minimum capital and surplus required by applicable law is provided by one or more sponsors;
       (29)(b) that is formed or holding a certificate of authority under this chapter;
       (29)(c) that insures the risks of a separate participant through the contract; and
       (29)(d) that segregates each participant's liability through one or more protected cells. See Utah Code 31A-37-102