Utah Code > Title 31A > Chapter 17 – Determination of Financial Condition

		Sections
Part 1	General Provisions	31A-17-101 – 31A-17-102
Part 2	Qualified Assets	31A-17-201 – 31A-17-203
Part 4	Valuation and Reserves	31A-17-401 – 31A-17-408
Part 5	Standard Valuation Law	31A-17-501 – 31A-17-518
Part 6	Risk-Based Capital	31A-17-601 – 31A-17-613

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Terms Used In Utah Code > Title 31A > Chapter 17 - Determination of Financial Condition

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
accident and health insurance: means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. See Utah Code 31A-17-501
Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
Affiliate: means a person who controls, is controlled by, or is under common control with, another person. 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
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.
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
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.
Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
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
Appointed actuary: means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in Subsection 31A-17-503(2). See Utah Code 31A-17-501
Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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 group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
Bond anticipation note: means :
(1)(a) any financing note issued according to the procedures and requirements of this title in anticipation of the receipt of the proceeds of the sale of the bonds authorized under this title; and
(1)(b) any renewal of those notes. See Utah Code 63B-1-101
Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 2, 1997 Highway General Obligation Bond Authorization. See Utah Code 63B-6-301
Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 2, 1998 Highway General Obligation Bond Authorization. See Utah Code 63B-7-301
Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 2, 1999 Highway General Obligation Bond Authorization. See Utah Code 63B-8-301
Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 1, 2001 Highway General Obligation Bonds. See Utah Code 63B-10-201
Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 3, 2002 Highway General Obligation Bonds. See Utah Code 63B-11-401
Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 5, 2002 Highway General Obligation Bonds for Salt Lake County. See Utah Code 63B-11-601
Capital project: means any land, building, facility, highway, improvement, equipment, or other property, or combination of them, that the state of Utah or any of its agencies, divisions, institutions, or other administrative subunits are authorized by law to acquire or construct. See Utah Code 63B-1-101
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
City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
Company: means an entity that:
(2)(c)(i) has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in this state and has at least one such policy in force or on claim; or
(2)(c)(ii) has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state. See Utah Code 31A-17-501
Consolidating county: means the county to which another county is joined or is proposed to be joined by consolidation under this part. See Utah Code 17-2-102
Contract: A legal written agreement that becomes binding when signed.
Corrective order: means an order issued by the commissioner specifying corrective action that the commissioner determines is required. See Utah Code 31A-17-601
County legislative body: means :
     (8)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
     (8)(b) the county council, in the county executive-council optional form of government authorized by Section 17-52a-203; and
     (8)(c) the county council, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
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
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Department: means the Insurance Department. See Utah Code 31A-1-301
Deposit-type contract: means a contract that does not incorporate mortality or morbidity risks and as may be specified in the valuation manual. See Utah Code 31A-17-501
Disability: means a physiological or psychological condition that partially or totally limits an individual's ability to:
     (51)(a) perform the duties of:
          (51)(a)(i) that individual's occupation; or
          (51)(a)(ii) an occupation for which the individual is reasonably suited by education, training, or experience; or
     (51)(b) perform two or more of the following basic activities of daily living:
          (51)(b)(i) eating;
          (51)(b)(ii) toileting;
          (51)(b)(iii) transferring;
          (51)(b)(iv) bathing; or
          (51)(b)(v) dressing. See Utah Code 31A-1-301
Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-101
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
Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
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.
Excess surplus: means :
          (186)(c)(i) for a life insurer, accident and health insurer, health organization, or property and casualty insurer as defined in Section 31A-17-601, the lesser of:
               (186)(c)(i)(A) that amount of an insurer's or health organization's total adjusted capital that exceeds the product of:
                    (186)(c)(i)(A)(I) 2. 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.
Female: means the characteristic of an individual whose biological reproductive system is of the general type that functions in a way that could produce ova. See Utah Code 68-3-12.5
Filed: means that a filing is:
          (69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;
          (69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and
          (69)(a)(iii) accompanied by the appropriate fee in accordance with:
               (69)(a)(iii)(A) Section 31A-3-103; or
               (69)(a)(iii)(B) rule. See Utah Code 31A-1-301
Filing: when used as a noun, means an item required to be filed with the department including:
     (70)(a) a policy;
     (70)(b) a rate;
     (70)(c) a form;
     (70)(d) a document;
     (70)(e) a plan;
     (70)(f) a manual;
     (70)(g) an application;
     (70)(h) a report;
     (70)(i) a certificate;
     (70)(j) an endorsement;
     (70)(k) an actuarial certification;
     (70)(l) a licensee annual statement;
     (70)(m) a licensee renewal application;
     (70)(n) an advertisement;
     (70)(o) a binder; or
     (70)(p) an outline of coverage. See Utah Code 31A-1-301
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301
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
Fraud: Intentional deception resulting in injury to another.
Grantor: The person who establishes a trust and places property into it.
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
Health organization: means :
     (3)(a) an entity that is authorized under Chapter 7, Nonprofit Health Service Insurance Corporations, or Chapter 8, Health Maintenance Organizations and Limited Health Plans; and
     (3)(b) that is:
          (3)(b)(i) a health maintenance organization;
          (3)(b)(ii) a limited health service organization;
          (3)(b)(iii) a dental or vision plan;
          (3)(b)(iv) a hospital, medical, and dental indemnity or service corporation; or
          (3)(b)(v) other managed care organization. See Utah Code 31A-17-601
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
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
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
insurance company: means a person doing an insurance business as a principal including:
          (104)(a)(i) a fraternal benefit society;
          (104)(a)(ii) an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3);
          (104)(a)(iii) a motor club;
          (104)(a)(iv) an employee welfare plan;
          (104)(a)(v) a person purporting or intending to do an insurance business as a principal on that person's own account; and
          (104)(a)(vi) a health maintenance organization. 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
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
Joint resolution: A legislative measure which requires the approval of both chambers.
Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
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}
Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to:
(3)(a) the power and duty to enact ordinances, levy taxes, and establish budgets; and
(3)(b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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
life insurance: means a contract that incorporates mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual. See Utah Code 31A-17-501
Life or accident and health insurer: means :
(4)(a) an insurance company licensed to write life insurance, accident and health insurance, or both; or
(4)(b) a licensed property casualty insurer writing only disability insurance. See Utah Code 31A-17-601
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
Managed care organization: means a person:
     (122)(a) licensed as a health maintenance organization under Chapter 8, Health Maintenance Organizations and Limited Health Plans; or
     (122)(b)
          (122)(b)(i) licensed under:
               (122)(b)(i)(A) Chapter 5, Domestic Stock and Mutual Insurance Corporations;
               (122)(b)(i)(B) Chapter 7, Nonprofit Health Service Insurance Corporations; or
               (122)(b)(i)(C) Chapter 14, Foreign Insurers; and
          (122)(b)(ii) that requires an enrollee to use, or offers incentives, including financial incentives, for an enrollee to use, network providers. See Utah Code 31A-1-301
Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
minimum required capital: means the capital that must be constantly maintained by a stock insurance corporation as required by statute. See Utah Code 31A-1-301
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
NAIC: means the National Association of Insurance Commissioners. See Utah Code 31A-1-301
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
Originating county: means the county that is joined or proposed to be joined to another county by consolidation under this part. See Utah Code 17-2-102
Oversight: Committee review of the activities of a Federal agency or program.
Participating: means a plan of insurance under which the insured is entitled to receive a dividend representing a share of the surplus of the insurer. See Utah Code 31A-1-301
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
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
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
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
Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
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
Principle-based valuation: means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with Section 31A-17-515 as specified in the valuation manual. See Utah Code 31A-17-501
Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
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
Property and casualty insurer: means any insurance company licensed to write lines of insurance other than life but does not include a monoline mortgage guaranty insurer, financial guaranty insurer, or title insurer. See Utah Code 31A-17-601
Qualified actuary: means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing the statements and who meets the requirements specified in the valuation manual. See Utah Code 31A-17-501
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
RBC: means risk-based capital. See Utah Code 31A-17-601
RBC instructions: means the RBC report including the National Association of Insurance Commissioner's risk-based capital instructions that govern the year for which an RBC report is prepared. See Utah Code 31A-17-601
RBC plan: means a comprehensive financial plan containing the elements specified in Subsection 31A-17-603(2). See Utah Code 31A-17-601
RBC report: means the report required in Section 31A-17-602. See Utah Code 31A-17-601
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
real property: includes :
     (31)(a) land;
     (31)(b) a tenement;
     (31)(c) a hereditament;
     (31)(d) a water right;
     (31)(e) a possessory right; and
     (31)(f) a claim. See Utah Code 68-3-12.5
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
Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) ^{Source: OCC}
Road: includes :
     (33)(a) a public bridge;
     (33)(b) a county way;
     (33)(c) a county road;
     (33)(d) a common road; and
     (33)(e) a state road. See Utah Code 68-3-12.5
Security: means a:
          (176)(a)(i) note;
          (176)(a)(ii) stock;
          (176)(a)(iii) bond;
          (176)(a)(iv) debenture;
          (176)(a)(v) evidence of indebtedness;
          (176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;
          (176)(a)(vii) collateral-trust certificate;
          (176)(a)(viii) preorganization certificate or subscription;
          (176)(a)(ix) transferable share;
          (176)(a)(x) investment contract;
          (176)(a)(xi) voting trust certificate;
          (176)(a)(xii) certificate of deposit for a security;
          (176)(a)(xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
          (176)(a)(xiv) commodity contract or commodity option;
          (176)(a)(xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (176)(a)(i) through (xiv); or
          (176)(a)(xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301
Service of process: The service of writs or summonses to the appropriate party.
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
Sinking fund: means the fund or account established as provided in this title to hold money to pay the principal and interest on each series of bonds as they become due. See Utah Code 63B-1-101
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
Statute: A law passed by a legislature.
Subpoena: A command to a witness to appear and give testimony.
Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
Tail risk: means a risk that occurs either when the frequency of low probability events is higher than expected under a normal probability distribution or when there are observed events of very significant size or magnitude. See Utah Code 31A-17-501
Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301
Total adjusted capital: means the sum of an insurer's or health organization's statutory capital and surplus as determined in accordance with:
(189)(a) the statutory accounting applicable to the annual financial statements required to be filed under Section 31A-4-113; and
(189)(b) another item provided by the RBC instructions, as RBC instructions is defined in Section 31A-17-601. See Utah Code 31A-1-301
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
Trustee: A person or institution holding and administering property in trust.
Trustee: means "director" when referring to the board of directors of a corporation. See Utah Code 31A-1-301
United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
Valuation manual: means the manual of valuation instructions adopted in accordance with Section 31A-17-514. See Utah Code 31A-17-501
Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
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