Utah Code 31A-9-206. Powers under organization permit and deposit of proceeds of subscriptions
Current as of: 2024 | Check for updates
|
Other versions
Subsection 31A-5-207(2) and Section 31A-5-208 apply to fraternals, except that:
(1) the word “mutual” shall be read “fraternal”; and
Terms Used In Utah Code 31A-9-206
- 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(2) there are no qualifying insurance policies as referred to in Subsection 31A-5-207(2)(a).