Utah Code 31A-5-601. Duties of officers, directors, agents, and employees
Current as of: 2023 | Check for updates
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| (1) | Any officer, director, agent, attorney, or employee upon whom legal process is properly served or who receives notice of any legal action that may affect or involve the property or business of the insurer, shall promptly communicate the service or notice and detailed information about it to facilitate informed response to persons in the insurer’s organization who have authority to take responsive action or to instigate responsive action by those in authority. |
| (a) | an individual employed by an employer; or |
| (b) | an individual who meets the requirements of Subsection (53)(b). See Utah Code 31A-1-301 |
| (2) | A director of an insurer is assumed to have enough knowledge of its affairs to determine whether any act, proceeding, or omission of its directors is a violation of any provision of this chapter. If a director is present at a meeting of directors at which a violation of any provision of this chapter occurs, he is considered as concurring in the violation unless at the meeting he requires his dissent to be entered on the minutes. If a director is absent from the meeting, he is considered as concurring in any violation if the facts of violation appear on the minutes of the meeting and he remains a director for six months after the violation without requiring that his dissent from the violation be entered upon the record or the minutes. |
Enacted by Chapter 242, 1985 General Session