Utah Code 31A-8-214. Securities

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

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

Chapter 5, Part 3, Securities of Domestic Insurance Corporations, applies to securities of organizations, except that the amount “$150,000” in Subsection 31A-5-304(1) shall be read “one-half of the minimum capital required of the organization.”