Terms Used In Utah Code 31A-37a-302

• Captive insurance company: means :
       (21)(a) an insurer:

            (21)(a)(i) owned by a parent organization; and

            (21)(a)(ii) whose purpose is to insure risks of the parent organization and other risks as authorized under:

                 (21)(a)(ii)(A) Chapter 37, Captive Insurance Companies Act; and

                 (21)(a)(ii)(B) Chapter 37a, Special Purpose Financial Captive Insurance Company Act; or
       (21)(b) in the case of a group or association, an insurer:

            (21)(b)(i) owned by the insureds; and

            (21)(b)(ii) whose purpose is to insure risks of:

                 (21)(b)(ii)(A) a member organization;

                 (21)(b)(ii)(B) a group member; or

                 (21)(b)(ii)(C) an affiliate of:

                      (21)(b)(ii)(C)(I) a member organization; or

                      (21)(b)(ii)(C)(II) a group member. See Utah Code 31A-1-301
• 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
• Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301