Utah Code 31A-5-410. Supervision of management changes
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Terms Used In Utah Code 31A-5-410
- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means an insurance corporation, except when referring to:
(34)(a)(i) a corporation doing business:(34)(a)(i)(A) as:(34)(a)(i)(A)(I) an insurance producer;(34)(a)(i)(A)(II) a surplus lines producer;(34)(a)(i)(A)(III) a limited line producer;(34)(a)(i)(A)(IV) a consultant;(34)(a)(i)(A)(V) a managing general agent;(34)(a)(i)(A)(VI) a reinsurance intermediary;(34)(a)(i)(A)(VII) a third party administrator; or(34)(a)(i)(A)(VIII) an adjuster; and(34)(a)(i)(B) under:(34)(a)(i)(B)(I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;(34)(a)(i)(B)(II) Chapter 25, Third Party Administrators; or(34)(a)(i)(B)(III) Chapter 26, Insurance Adjusters; or(34)(a)(ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301- Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
- Order: means an order of the commissioner. See Utah Code 31A-1-301
- Person: includes :
(146)(a) an individual;(146)(b) a partnership;(146)(c) a corporation;(146)(d) an incorporated or unincorporated association;(146)(e) a joint stock company;(146)(f) a trust;(146)(g) a limited liability company;(146)(h) a reciprocal;(146)(i) a syndicate; or(146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301(1)(a) Immediately after the selection of a person as a director or principal officer, the insurer shall report to the commissioner:(1)(a)(i) the name of the person selected as a director or principal officer of a corporation; and(1)(a)(ii) pertinent biographical and other data that the commissioner requires by rule.(1)(b) For five years after the initial issuance of a certificate of authority to a corporation, the commissioner may, within 30 days after receipt of a report under Subsection (1)(a), disapprove any person selected who fails to satisfy the commissioner that the person:(1)(b)(i) is trustworthy; and(1)(b)(ii) has the competence and experience necessary to discharge that person’s responsibilities.(2)(2)(a) Whenever a director or principal officer of a corporation is removed under a provision listed in Subsection (2)(b), the insurer shall immediately report to the commissioner:(2)(a)(i) the removal; and(2)(a)(ii) a statement of the reasons for the removal.(2)(b) Subsection (2)(a) applies to a removal under:(2)(b)(i) Subsection 16-6a-820(4);(2)(b)(ii) Section 16-10a-808;(2)(b)(iii) Section 16-10a-832; and(2)(b)(iv) Subsection 31A-5-409(4).(3) The commissioner may order the removal of a director or officer if the commissioner finds, after a hearing, that:(3)(a) a director or officer:(3)(a)(i) is incompetent;(3)(a)(ii) untrustworthy;(3)(a)(iii) is not qualified under Section 31A-5-409; or(3)(a)(iv) has wilfully violated:(3)(a)(iv)(A) this title;(3)(a)(iv)(B) a rule adopted under Subsection 31A-2-201(3); or(3)(a)(iv)(C) an order issued under Subsection 31A-2-201(4); and(3)(b) the circumstances described in Subsection (3)(a) endangers the interests of:(3)(b)(i) insureds; or(3)(b)(ii) the public.