Utah Code > Title 11 > Chapter 50 – Political Subdivision Financial Reporting Certification

		Sections
Part 1	General Provisions	11-50-101 – 11-50-102
Part 2	Certification Required	11-50-201 – 11-50-202

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Terms Used In Utah Code > Title 11 > Chapter 50 - Political Subdivision Financial Reporting Certification

Accident and health insurance: means insurance to provide protection against economic losses resulting from:
          (1)(a)(i) a medical condition including:
               (1)(a)(i)(A) a medical care expense; or
               (1)(a)(i)(B) the risk of disability;
          (1)(a)(ii) accident; or
          (1)(a)(iii) sickness. See Utah Code 31A-1-301
Agency: means :
(6)(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and
(6)(b) an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Amendment: means an endorsement to an insurance policy or certificate. See Utah Code 31A-1-301
Annual financial report: means a comprehensive annual financial report or similar financial report required by Section 51-2a-201. See Utah Code 11-50-102
Annuity: means an agreement to make periodical payments for a period certain or over the lifetime of one or more individuals if the making or continuance of all or some of the series of the payments, or the amount of the payment, is dependent upon the continuance of human life. See Utah Code 31A-1-301
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
Application: means a document:
     (10)(a)
          (10)(a)(i) completed by an applicant to provide information about the risk to be insured; and
          (10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:
               (10)(a)(ii)(A) insure the risk under:
                    (10)(a)(ii)(A)(I) the coverage as originally offered; or
                    (10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or
               (10)(a)(ii)(B) decline to insure the risk; or
     (10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Association: means the Utah Life and Health Insurance Guaranty Association continued under Section 31A-28-106. See Utah Code 31A-28-105
authorized: when used in the context of assessments, means that the board of directors passed a resolution by which an assessment will be called immediately or in the future from member insurers for an amount specified in the resolution. See Utah Code 31A-28-105
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
Board of directors: means the board of directors established under Section 31A-28-107. See Utah Code 31A-28-105
called: when used in the context of assessments, means that the association issued a notice to member insurers requiring that an authorized assessment be paid within the time frame set forth in the notice. See Utah Code 31A-28-105
Cash price: means the price at which the lessor would have sold the property to the consumer for cash on the date of the rental purchase agreement. See Utah Code 15-8-3
Cash surrender value: means the cash surrender value without reduction for an outstanding policy loan or surrender charge. See Utah Code 31A-28-105
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
Chief administrative officer: means the chief administrative officer designated in accordance with Section 11-50-202. See Utah Code 11-50-102
Chief financial officer: means the chief financial officer designated in accordance with Section 11-50-202. See Utah Code 11-50-102
City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
Consumer: means a natural person who rents personal property under a rental purchase agreement to be used primarily for personal, family, or household purposes. See Utah Code 15-8-3
Consummation: means the time at which a consumer becomes contractually obligated on a rental purchase agreement. See Utah Code 15-8-3
Continuance: Putting off of a hearing ot trial until a later time.
Contract: A legal written agreement that becomes binding when signed.
contract owner: means a person who:
          (16)(a)(i) is identified as the legal owner under the terms of the policy or contract; or
          (16)(a)(ii) is otherwise vested with legal title to the policy or contract through a valid assignment:
               (16)(a)(ii)(A) completed in accordance with the terms of the policy or contract; and
               (16)(a)(ii)(B) properly recorded as the owner on the books of the insurer. See Utah Code 31A-28-105
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
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.
Coverage date: means the date on which the association becomes responsible for the obligations of a member insurer. See Utah Code 31A-28-105
Covered portion: means :
          (10)(a)(i) for a covered policy that has a cash surrender value, a fraction calculated with:
               (10)(a)(i)(A) the numerator being the lesser of:
                    (10)(a)(i)(A)(I)
                         (10)(a)(i)(A)(I)(Aa) $200,000 for a life insurance policy; or
                         (10)(a)(i)(A)(I)(Bb) $250,000 for a covered policy that is not a life insurance policy; or
                    (10)(a)(i)(A)(II) the cash surrender value of the policy; and
               (10)(a)(i)(B) the denominator being the cash surrender value of the policy; and
          (10)(a)(ii) for a covered policy that does not have a cash surrender value, a fraction calculated with:
               (10)(a)(ii)(A) the numerator being the lesser of:
                    (10)(a)(ii)(A)(I)
                         (10)(a)(ii)(A)(I)(Aa) $200,000 for a life insurance policy; and
                         (10)(a)(ii)(A)(I)(Bb) $250,000 for a covered policy that is not a life insurance policy; or
                    (10)(a)(ii)(A)(II) the policy's minimum statutory reserve; and
               (10)(a)(ii)(B) the denominator being the policy's minimum statutory reserve. See Utah Code 31A-28-105
Creditor: means a person, including an insured, having a claim, whether:
     (39)(a) matured;
     (39)(b) unmatured;
     (39)(c) liquidated;
     (39)(d) unliquidated;
     (39)(e) secured;
     (39)(f) unsecured;
     (39)(g) absolute;
     (39)(h) fixed; or
     (39)(i) contingent. See Utah Code 31A-1-301
Deed: The legal instrument used to transfer title in real property from one person to another.
Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
Division: means the Division of Forestry, Fire, and State Lands. See Utah Code 65A-1-1
Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301
Domiciliary state: means the state in which an insurer:
     (54)(a) is incorporated;
     (54)(b) is organized; or
     (54)(c) in the case of an alien insurer, enters into the United States. See Utah Code 31A-1-301
Employee: means :
(57)(a) an individual employed by an employer; or
(57)(b) an individual who meets the requirements of Subsection (55)(b). See Utah Code 31A-1-301
Enrollee: includes an insured. See Utah Code 31A-1-301
Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Exclusion: means for the purposes of accident and health insurance that an insurer does not provide insurance coverage, for whatever reason, for one of the following:
     (67)(a) a specific physical condition;
     (67)(b) a specific medical procedure;
     (67)(c) a specific disease or disorder; or
     (67)(d) a specific prescription drug or class of prescription drugs. See Utah Code 31A-1-301
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Form: means one of the following prepared for general use:
          (74)(a)(i) a policy;
          (74)(a)(ii) a certificate;
          (74)(a)(iii) an application;
          (74)(a)(iv) an outline of coverage; or
          (74)(a)(v) an endorsement. See Utah Code 31A-1-301
Germane: On the subject of the pending bill or other business; a strict standard of relevance.
Governing body: means :
     (4)(a) for a county, city, or town, the legislative body of the county, city, or town;
     (4)(b) for a special district, the board of trustees of the special district;
     (4)(c) for a school district, the local board of education; or
     (4)(d) for a special service district under Title 17D, Chapter 1, Special Service District Act:
          (4)(d)(i) the governing body of the county or municipality that created the special service district, if no administrative control board has been established under Section 17D-1-301; or
          (4)(d)(ii) the administrative control board, if one has been established under Section 17D-1-301. See Utah Code 11-50-102
Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment:
     (83)(a) a professional service;
     (83)(b) a personal service;
     (83)(c) a facility;
     (83)(d) equipment;
     (83)(e) a device;
     (83)(f) supplies; or
     (83)(g) medicine. See Utah Code 31A-1-301
health insurance: means insurance providing:
(84)(a)(i) a health care benefit; or
(84)(a)(ii) payment of an incurred health care expense. See Utah Code 31A-1-301
Highway: includes :
     (15)(a) a public bridge;
     (15)(b) a county way;
     (15)(c) a county road;
     (15)(d) a common road; and
     (15)(e) a state road. See Utah Code 68-3-12.5
Impaired insurer: means a member insurer that is not an insolvent insurer and:
(12)(a) is considered by the commissioner to be hazardous pursuant to this title; or
(12)(b) is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See Utah Code 31A-28-105
Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301
Individual: means a natural person. See Utah Code 31A-1-301
insolvent: means that:
     (95)(a) an insurer is unable to pay the insurer's obligations as the obligations are due;
     (95)(b) an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or
     (95)(c) an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301
Insolvent insurer: means a member insurer that is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Utah Code 31A-28-105
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
Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
          (103)(a)(i) a policyholder;
          (103)(a)(ii) a subscriber;
          (103)(a)(iii) a member; and
          (103)(a)(iv) a beneficiary. See Utah Code 31A-1-301
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Land: includes :
     (18)(a) land;
     (18)(b) a tenement;
     (18)(c) a hereditament;
     (18)(d) a water right;
     (18)(e) a possessory right; and
     (18)(f) a claim. See Utah Code 68-3-12.5
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
Lessor: means a person who regularly provides the use of property through rental purchase agreements and to whom rental payments are initially payable on the face of a rental purchase agreement. See Utah Code 15-8-3
Lien: A claim against real or personal property in satisfaction of a debt.
Life insurance: means :
(114)(a)(i) insurance on a human life; and
(114)(a)(ii) insurance pertaining to or connected with human life. See Utah Code 31A-1-301
Long-term care insurance: includes :
          (121)(b)(i) any of the following that provide directly or supplement long-term care insurance:
               (121)(b)(i)(A) a group or individual annuity or rider; or
               (121)(b)(i)(B) a life insurance policy or rider;
          (121)(b)(ii) a policy or rider that provides for payment of benefits on the basis of:
               (121)(b)(ii)(A) cognitive impairment; or
               (121)(b)(ii)(B) functional capacity; or
          (121)(b)(iii) a qualified long-term care insurance contract. See Utah Code 31A-1-301
Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
Member insurer: includes an insurer whose license or certificate of authority in this state may have been:
          (14)(b)(i) suspended;
          (14)(b)(ii) revoked;
          (14)(b)(iii) not renewed; or
          (14)(b)(iv) voluntarily withdrawn. See Utah Code 31A-28-105
Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
Municipality: means :
     (5)(a) a city of the first class, city of the second class, city of the third class, city of the fourth class, city of the fifth class;
     (5)(b) a town, as classified in Section 10-2-301; or
     (5)(c) a preliminary municipality incorporated under Chapter 2a, Part 5, Incorporation of a Preliminary Municipality. See Utah Code 10-1-104
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Order: means an order of the commissioner. See Utah Code 31A-1-301
Person: means :
     (24)(a) an individual;
     (24)(b) an association;
     (24)(c) an institution;
     (24)(d) a corporation;
     (24)(e) a company;
     (24)(f) a trust;
     (24)(g) a limited liability company;
     (24)(h) a partnership;
     (24)(i) a political subdivision;
     (24)(j) a government office, department, division, bureau, or other body of government; and
     (24)(k) any other organization or entity. See Utah Code 68-3-12.5
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
Policy: includes a service contract issued by:
          (150)(b)(i) a motor club under Chapter 11, Motor Clubs;
          (150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and
          (150)(b)(iii) a corporation licensed under:
               (150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or
               (150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301
Political subdivision: means any county, city, town, school district, community reinvestment agency, special improvement or taxing district, special district, special service district, an entity created by an interlocal agreement adopted under Title 11, Chapter 13, Interlocal Cooperation Act, or other governmental subdivision or public corporation. See Utah Code 11-50-102
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Premium: includes , however designated:
          (156)(b)(i) an assessment;
          (156)(b)(ii) a membership fee;
          (156)(b)(iii) a required contribution; or
          (156)(b)(iv) monetary consideration. See Utah Code 31A-1-301
premiums: means an amount or consideration received on covered policies or contracts, less:
          (17)(a)(i) returned:
               (17)(a)(i)(A) premiums;
               (17)(a)(i)(B) considerations; and
               (17)(a)(i)(C) deposits; and
          (17)(a)(ii) dividends and experience credits. See Utah Code 31A-28-105
Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
Property: includes both real and personal property. See Utah Code 68-3-12.5
Rate: means :
          (163)(a)(i) the cost of a given unit of insurance; or
          (163)(a)(ii) for property or casualty insurance, that cost of insurance per exposure unit either expressed as:
               (163)(a)(ii)(A) a single number; or
               (163)(a)(ii)(B) a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of:
                    (163)(a)(ii)(B)(I) expenses;
                    (163)(a)(ii)(B)(II) profit; and
                    (163)(a)(ii)(B)(III) individual insurer variation in loss experience. See Utah Code 31A-1-301
Receiver: means , as the context requires:
     (19)(a) a rehabilitator;
     (19)(b) a liquidator;
     (19)(c) an ancillary receiver; or
     (19)(d) a conservator. See Utah Code 31A-28-105
Receivership court: means the court in the insolvent or impaired insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer. See Utah Code 31A-28-105
Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301
Rental purchase agreement: means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes for an initial period of four months or less that is automatically renewable with each payment after the initial period, but which does not obligate or require the consumer to continue renting or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Utah Code 15-8-3
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
Sovereign lands: means those lands lying below the ordinary high water mark of navigable bodies of water at the date of statehood and owned by the state by virtue of its sovereignty. See Utah Code 65A-1-1
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
State lands: means all lands administered by the division. See Utah Code 65A-1-1
Statute: A law passed by a legislature.
Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
Venue: The geographical location in which a case is tried.
Writing: includes :
     (48)(a) printing;
     (48)(b) handwriting; and
     (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5