Utah Code 7-1-901. Authorized insurance activities of depository institutions
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(1) A depository institution authorized to do business in this state under this title may directly, or indirectly through a subsidiary or affiliate, engage in the following insurance activities:
Terms Used In Utah Code 7-1-901
- Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:(8)(a) holds or receives deposits, savings, or share accounts;(8)(b) issues certificates of deposit; or(8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
- Institution: means :
(19)(a) a corporation;(19)(b) a limited liability company;(19)(c) a partnership;(19)(d) a trust;(19)(e) an association;(19)(f) a joint venture;(19)(g) a pool;(19)(h) a syndicate;(19)(i) an unincorporated organization; or(19)(j) any form of business entity. See Utah Code 7-1-103- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103- Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
(1)(a) engage in the insurance business as defined under Section 31A-1-301 except as may be limited by federal law;(1)(b) act as an insurance producer or consultant as defined under Section 31A-1-301; or(1)(c) engage in insurance adjusting as defined in Section 31A-26-102.(2) A depository institution, subsidiary, or affiliate, that engages in insurance activities authorized under Subsection (1) shall be subject to Title 31A, Insurance Code. - Institution: means :