Terms Used In Utah Code > Title 31A > Chapter 23a > Part 8 - Reinsurance Intermediaries

• 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
• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Affordable housing: means housing occupied or reserved for occupancy by households with a gross household income:
       (1)(a) equal to or less than 80% of the median gross income of the applicable municipal or county statistical area for households of the same size, in certain circumstances as provided in this part; or
       (1)(b) equal to or less than 60% of the median gross income of the applicable municipal or county statistical area for households of the same size, in certain circumstances as provided in this part. See Utah Code 63N-3-602
• Agency: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-3-602
• American Rescue Plan Act: means the American Rescue Plan Act, Pub. See Utah Code 63N-3-1201
• Applicable agency: means :
       (1)(a) for a project related to air quality, the Division of Air Quality created in Section 19-1-105; or
       (1)(b) for a project related to water resources, the Division of Water Resources created in Section 73-10-18. See Utah Code 63N-3-901
• 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.
• Base taxable value: means a property's taxable value as shown upon the assessment roll last equalized during the base year. See Utah Code 63N-3-602
• Base year: means , for each tax increment collection period triggered within a proposed housing and transit reinvestment zone area, the calendar year prior to the calendar year the tax increment begins to be collected for those parcels triggered for that collection period. See Utah Code 63N-3-602
• board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
• Bus rapid transit: means a high-quality bus-based transit system that delivers fast and efficient service that may include dedicated lanes, busways, traffic signal priority, off-board fare collection, elevated platforms, and enhanced stations. See Utah Code 63N-3-602
• Bus rapid transit station: means an existing station, stop, or terminal, or a proposed station, stop, or terminal that is specifically identified as needed in phase one of a metropolitan planning organization's adopted long-range transportation plan and in phase one of the relevant public transit district's adopted long-range transit plan:
       (6)(a) along an existing bus rapid transit line; or
       (6)(b) along an extension to an existing bus rapid transit line or new bus rapid transit line. See Utah Code 63N-3-602
• Business entity: means a for-profit or nonprofit business entity. See Utah Code 63N-3-901
• Business entity: means a for-profit or nonprofit entity. See Utah Code 63N-3-1001
• Cannabinoid processor license: means the same as that term is defined in Section 4-41-102. See Utah Code 63N-3-1301
• 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 Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102
• Commuter rail: means a heavy-rail passenger rail transit facility operated by a large public transit district. See Utah Code 63N-3-602
• Commuter rail station: means an existing station, stop, or terminal, or a proposed station, stop, or terminal, which has been specifically identified as needed in phase one of a metropolitan planning organization's adopted long-range transportation plan and in phase one of the relevant public transit district's adopted long-range transit plan:
       (8)(a) along an existing commuter rail line;
       (8)(b) along an extension to an existing commuter rail line or new commuter rail line; or
       (8)(c) along a fixed guideway extension from an existing commuter rail line. See Utah Code 63N-3-602
• Contract: A legal written agreement that becomes binding when signed.
• Controlling person: means a person that directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of a reinsurance intermediary. 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.
• 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
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Developable area: means the portion of land within a housing and transit reinvestment zone available for development and construction of business and residential uses. See Utah Code 63N-3-602
• Director: means a member of the board of directors of a corporation. 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
• Enhanced development: means the construction of mixed uses including housing, commercial uses, and related facilities. See Utah Code 63N-3-602
• 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.
• Executive director: means the executive director of the office. See Utah Code 63N-1a-102
• Fiduciary: A trustee, executor, or administrator.
• 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
• First home investment zone: means the same as that term is defined in Section 63N-3-1601. See Utah Code 63N-3-602
• Fixed guideway: means the same as that term is defined in Section 59-12-102. See Utah Code 63N-3-602
• 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
• fund: means the Transient Room Tax Fund created by Section 63N-3-403. See Utah Code 63N-3-402
• GOEO board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102
• Grant: means a grant awarded as part of the pilot program. See Utah Code 63N-3-901
• Grant: means a grant awarded as part of the Economic Assistance Grant Program created in Section 63N-3-1002. See Utah Code 63N-3-1001
• Grant: means a grant awarded under Section 63N-3-1102. See Utah Code 63N-3-1101
• Grant: means a financial grant awarded as part of the Redevelopment Matching Grant Program created in Section 63N-3-1202. See Utah Code 63N-3-1201
• Grant program: means the Economic Assistance Grant Program created in Section 63N-3-1002. See Utah Code 63N-3-1001
• Grant program: means the Redevelopment Matching Grant Program created in Section 63N-3-1202. See Utah Code 63N-3-1201
• Horizontal construction costs: means the additional costs associated with earthwork, over excavation, utility work, transportation infrastructure, and landscaping to achieve enhanced development in the housing and transit reinvestment zone. See Utah Code 63N-3-602
• Housing and transit reinvestment zone: means a housing and transit reinvestment zone created pursuant to this part. See Utah Code 63N-3-602
• Housing and transit reinvestment zone committee: means a housing and transit reinvestment zone committee created pursuant to Section 63N-3-605. See Utah Code 63N-3-602
• Individual: means a natural person. See Utah Code 31A-1-301
• Industrial hemp: means the same as that term is defined in Section 4-41-102. See Utah Code 63N-3-1301
• 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
• Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of Part 7, Producer Controlled Insurers:
       (4)(a) a risk retention group as defined in:

            (4)(a)(i) the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102
• 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
• Large public transit district: means the same as that term is defined in Section 17B-2a-802. See Utah Code 63N-3-602
• License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
• Light rail: means a passenger rail public transit system with right-of-way and fixed rails:
       (19)(a) dedicated to exclusive use by light-rail public transit vehicles;
       (19)(b) that may cross streets at grade; and
       (19)(c) that may share parts of surface streets. See Utah Code 63N-3-602
• Light rail station: means an existing station, stop, or terminal or a proposed station, stop, or terminal, which has been specifically identified as needed in phase one of a metropolitan planning organization's adopted long-range transportation plan and in phase one of the relevant public transit district's adopted long-range plan:
       (20)(a) along an existing light rail line; or
       (20)(b) along an extension to an existing light rail line or new light rail line. See Utah Code 63N-3-602
• Local government: means a county or municipality. See Utah Code 63N-3-1201
• Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
• Metropolitan planning organization: means the same as that term is defined in Section Utah Code 63N-3-602
• Municipality: means the same as that term is defined in Section 10-1-104. See Utah Code 63N-3-602
• Order: means an order of the commissioner. See Utah Code 31A-1-301
• Participant: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-3-602
• Participation agreement: means the same as that term is defined in Section 17C-1-102, except that the agency may not provide and the person may not receive a direct subsidy. See Utah Code 63N-3-602
• 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
• Pilot program: means the Strategic Innovation Grant Pilot Program created in Section 63N-3-902. See Utah Code 63N-3-901
• 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
• 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
• Program: means the Manufacturing Modernization Grant Program created in Section 63N-3-1102. See Utah Code 63N-3-1101
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Public transit county: means a county that has created a small public transit district. See Utah Code 63N-3-602
• Public transit hub: means a public transit depot or station where four or more routes serving separate parts of the county-created transit district stop to transfer riders between routes. See Utah Code 63N-3-602
• Quorum: The number of legislators that must be present to do business.
• 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
• 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
• Reinsurance intermediary: means :
       (8)(a) a reinsurance intermediary-broker; or
       (8)(b) a reinsurance intermediary-manager. See Utah Code 31A-23a-102
• Reinsurance intermediary-broker: means a person other than an officer or employee of the ceding insurer, firm, association, or corporation who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the insurer. See Utah Code 31A-23a-102
• Reinsurance intermediary-manager: means a person who:
            (10)(a)(i) has authority to bind or who manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office; and
            (10)(a)(ii) acts as an agent for the reinsurer whether the person is known as a reinsurance intermediary-manager, manager, or other similar term. See Utah Code 31A-23a-102
• Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301
• Resident: is a s defined by rule made by the commissioner in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-23a-102
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Retrocession: means reinsurance with another insurer of a liability assumed under a reinsurance contract. See Utah Code 31A-1-301
• Sales and use tax base year: means a sales and use tax year determined by the first year pertaining to the tax imposed in Section 59-12-103 after the sales and use tax boundary for a housing and transit reinvestment zone is established. See Utah Code 63N-3-602
• Sales and use tax boundary: means a boundary created as described in Section 63N-3-604, based on state sales and use tax collection that corresponds as closely as reasonably practicable to the housing and transit reinvestment zone boundary. See Utah Code 63N-3-602
• Sales and use tax increment: means the difference between:
       (30)(a) the amount of state sales and use tax revenue generated each year following the sales and use tax base year by the sales and use tax from the area within a housing and transit reinvestment zone designated in the housing and transit reinvestment zone proposal as the area from which sales and use tax increment is to be collected; and
       (30)(b) the amount of state sales and use tax revenue that was generated from that same area during the sales and use tax base year. See Utah Code 63N-3-602
• Sales and use tax revenue: means revenue that is generated from the tax imposed under Section 59-12-103. See Utah Code 63N-3-602
• 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.
• Small public transit district: means the same as that term is defined in Section 17B-2a-802. See Utah Code 63N-3-602
• 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
• Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
• Targeted industry: means an industry or group of industries targeted by the GOEO board under Section 63N-3-111 for economic development in the state. See Utah Code 63N-3-1101
• Tax Commission: means the State Tax Commission created in Section 59-1-201. See Utah Code 63N-3-602
• Tax increment: means the difference between:
            (34)(a)(i) the amount of property tax revenue generated each tax year by a taxing entity from the area within a housing and transit reinvestment zone designated in the housing and transit reinvestment zone proposal as the area from which tax increment is to be collected, using the current assessed value and each taxing entity's current certified tax rate as defined in Section 59-2-924; and
            (34)(a)(ii) the amount of property tax revenue that would be generated from that same area using the base taxable value and each taxing entity's current certified tax rate as defined in Section 59-2-924. See Utah Code 63N-3-602
• Taxing entity: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-3-602
• Terminate: means :
       (14)(a) the cancellation of the relationship between:

            (14)(a)(i) an individual licensee or agency licensee and a particular insurer; or

            (14)(a)(ii) an individual licensee and a particular agency licensee; or
       (14)(b) the termination of:

            (14)(b)(i) an individual licensee's or agency licensee's authority to transact insurance on behalf of a particular insurance company; or

            (14)(b)(ii) an individual licensee's authority to transact insurance on behalf of a particular agency licensee. See Utah Code 31A-23a-102
• under common control: means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person. 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
• Vertical construction costs: means the additional costs associated with construction above four stories and structured parking to achieve enhanced development in the housing and transit reinvestment zone. See Utah Code 63N-3-602
• 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