Terms Used In Utah Code > Title 31A > Chapter 27a > Part 4 - Liquidation

• Affected guaranty association: means a guaranty association that is or may become liable for payment of a covered claim. See Utah Code 31A-27a-102
• alien insurer: means an insurer incorporated or organized under the laws of a jurisdiction that is not a state. See Utah Code 31A-27a-102
• Alternative treatment program: means :
       (1)(a) an evidence-based cognitive behavioral therapy program; or
       (1)(b) a certificate-based program provided by:

            (1)(b)(i) an institution of higher education described in Subsection 53B-1-102(1)(b); or

            (1)(b)(ii) a degree-granting institution acting in the degree-granting institution's technical education role described in Section 53B-2a-201. See Utah Code 64-13e-102
• 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.
• 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
• 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.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Board: means the Board of Pardons and Parole. See Utah Code 64-13e-102
• 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
• Commission: means the State Commission on Criminal and Juvenile Justice, created in Section 63M-7-201. See Utah Code 64-13e-102
• Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
• Condition of probation day: includes a day spent by a state probationary inmate in a county correctional facility:
            (4)(b)(i) after the date of sentencing;
            (4)(b)(ii) before the date of sentencing, if a court orders that the state probationary inmate shall receive credit for time served in a county correctional facility before the date of sentencing;
            (4)(b)(iii) as a condition of an original order of probation; and
            (4)(b)(iv) as a condition of a new order of probation after a prior revocation of probation. See Utah Code 64-13e-102
• Contract: A legal written agreement that becomes binding when signed.
• Control: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
• Conviction: A judgement of guilt against a criminal defendant.
• creditor: means a person having a claim against an insurer whether the claim is:
       (5)(a) matured or not matured;
       (5)(b) liquidated or unliquidated;
       (5)(c) secured or unsecured;
       (5)(d) absolute; or
       (5)(e) fixed or contingent. See Utah Code 31A-27a-102
• Deadline: means a final date or time:
       (44)(a) imposed by:

            (44)(a)(i) statute;

            (44)(a)(ii) rule; or

            (44)(a)(iii) order; and
       (44)(b) by which a required filing or payment must be received by the department. See Utah Code 31A-1-301
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the Department of Corrections, created in Section 64-13-2. See Utah Code 64-13e-102
• Department: is a s defined in Section 31A-1-301 unless the context requires otherwise. See Utah Code 31A-27a-102
• 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
• Disability income insurance: means the same as that term is defined in Subsection (89). See Utah Code 31A-1-301
• Division: means the Division of Finance, created in Section 63A-3-101. See Utah Code 64-13e-102
• 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 is incorporated or organized, except that "domiciliary state" means:
       (12)(a) in the case of an alien insurer, its state of entry; or
       (12)(b) in the case of a risk retention group, the state in which the risk retention group is chartered as contemplated in the Liability Risk Retention Act, Utah Code 31A-27a-102
• 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.
• 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.
• 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
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• General assets: includes the property of the estate or its proceeds in excess of the amount necessary to discharge a claim described in Subsection (18)(a). See Utah Code 31A-27a-102
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guaranty association: means :
       (20)(a) a mechanism mandated by Chapter 28, Guaranty Associations; or
       (20)(b) a similar mechanism in another state that is created for the payment of claims or continuation of policy obligations of a financially impaired or insolvent insurer. See Utah Code 31A-27a-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
• Individual: means a natural person. See Utah Code 31A-1-301
• insolvent: means that an insurer:
       (22)(a) is unable to pay its obligations when they are due;
       (22)(b) does not have admitted assets at least equal to all of its liabilities; or
       (22)(c) has a total adjusted capital that is less than its mandatory control level RBC, as defined in Section 31A-17-601. See Utah Code 31A-27a-102
• 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
• insurer: means a person who:
       (23)(a) is doing, has done, purports to do, or is licensed to do the business of insurance;
       (23)(b) is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or
       (23)(c) is included under Section 31A-27a-104. See Utah Code 31A-27a-102
• Joint resolution: A legislative measure which requires the approval of both chambers.
• 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.
• 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}
• License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
• 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
• 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
• Mutual: means a mutual insurance corporation. 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
• Parole hold day: means a day spent in a county correctional facility by a state parole inmate under Subsection 64-13-29(3) based on a suspected violation of the state parole inmate's terms of parole. See Utah Code 64-13e-102
• Parole sanction day: includes not more than three consecutive days and not more than a total of five days within a period of 30 days for each sanction. See Utah Code 64-13e-102
• 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
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Policy: includes all clauses, riders, endorsements, and papers that are a part of a policy. See Utah Code 31A-27a-102
• Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
• Preference: means a transfer of property of an insurer to or for the benefit of a creditor:
       (29)(a) for or on account of an antecedent debt, made or allowed by the insurer within one year before the day on which a successful petition for rehabilitation or liquidation is filed under this chapter;
       (29)(b) the effect of which transfer may enable the creditor to obtain a greater percentage of the creditor's debt than another creditor of the same class would receive; and
       (29)(c) if a liquidation order is entered while the insurer is already subject to a rehabilitation order and the transfer otherwise qualifies, that is made or allowed within the shorter of:

            (29)(c)(i) one year before the day on which a successful petition for rehabilitation is filed; or

            (29)(c)(ii) two years before the day on which a successful petition for liquidation is filed. See Utah Code 31A-27a-102
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Probation sanction day: includes not more than three consecutive days and not more than a total of five days within a period of 30 days for each sanction. See Utah Code 64-13e-102
• 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
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• property of the estate: includes :
       (30)(a) a right, title, or interest of the insurer in property:

            (30)(a)(i) whether:

                 (30)(a)(i)(A) legal or equitable;

                 (30)(a)(i)(B) tangible or intangible; or

                 (30)(a)(i)(C) choate or inchoate; and

            (30)(a)(ii) including choses in action, contract rights, and any other interest recognized under the laws of this state;
       (30)(b) entitlements that exist before the entry of an order of rehabilitation or liquidation;
       (30)(c) entitlements that may arise by operation of this chapter or other provisions of law allowing the receiver to avoid prior transfers or assert other rights; and
       (30)(d)

            (30)(d)(i) records or data that is otherwise the property of the insurer; and

            (30)(d)(ii) records or data similar to those described in Subsection (30)(d)(i) that are within the possession, custody, or control of a managing general agent, a third party administrator, a management company, a data processing company, an accountant, an attorney, an affiliate, or other person. See Utah Code 31A-27a-102
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102
• receivership: means a rehabilitation, liquidation, or ancillary receivership. See Utah Code 31A-27a-102
• receivership court: refers to the court in which a delinquency proceeding is pending. See Utah Code 31A-27a-102
• Record: when used as a noun, means information or data, in whatever form maintained, including:
       (36)(a) a book;
       (36)(b) a document;
       (36)(c) a paper;
       (36)(d) a file;
       (36)(e) an application file;
       (36)(f) a policyholder list;
       (36)(g) policy information;
       (36)(h) a claim or claim file;
       (36)(i) an account;
       (36)(j) a voucher;
       (36)(k) a litigation file;
       (36)(l) a premium record;
       (36)(m) a rate book;
       (36)(n) an underwriting manual;
       (36)(o) a personnel record;
       (36)(p) a financial record; or
       (36)(q) other material. See Utah Code 31A-27a-102
• Reinsurance: means a transaction or contract under which an assuming insurer agrees to indemnify a ceding insurer against all, or a part, of a loss that the ceding insurer may sustain under the one or more policies that the ceding insurer issues or will issue. See Utah Code 31A-27a-102
• Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301
• 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
• Sell: means to exchange a contract of insurance:
       (179)(a) by any means;
       (179)(b) for money or its equivalent; and
       (179)(c) on behalf of an insurance company. See Utah Code 31A-1-301
• 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.
• Sex: means , in relation to an individual, the individual's biological sex, either male or female, at birth, according to distinct reproductive roles as manifested by:
       (34)(a) sex and reproductive organ anatomy;
       (34)(b) chromosomal makeup; and
       (34)(c) endogenous hormone profiles. See Utah Code 68-3-12.5
• State: means a state, district, or territory of the United States. See Utah Code 31A-27a-102
• 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 daily incarceration rate: means the average daily incarceration rate, calculated by the department based on the previous three fiscal years, that reflects the following expenses incurred by the department for housing an inmate:
       (11)(a) executive overhead;
       (11)(b) administrative overhead;
       (11)(c) transportation overhead;
       (11)(d) division overhead; and
       (11)(e) motor pool expenses. See Utah Code 64-13e-102
• State inmate: means an individual, other than a state probationary inmate or state parole inmate, who is committed to the custody of the department. See Utah Code 64-13e-102
• State parole inmate: means an individual who is:
       (13)(a) on parole, as defined in Section 77-27-1; and
       (13)(b) housed in a county correctional facility for a reason related to the individual's parole. See Utah Code 64-13e-102
• State probationary inmate: means a felony probationer sentenced to time in a county correctional facility under Subsection 77-18-105(6). See Utah Code 64-13e-102
• 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
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transfer: includes the sale and every other and different mode of disposing of or parting with property or with an interest in property, whether:
            (46)(a)(i) directly or indirectly;
            (46)(a)(ii) absolutely or conditionally;
            (46)(a)(iii) voluntarily or involuntarily; or
            (46)(a)(iv) by or without judicial proceedings. See Utah Code 31A-27a-102
• Treatment program: means :
       (15)(a) an alcohol treatment program;
       (15)(b) a substance abuse treatment program;
       (15)(c) a sex offender treatment program; or
       (15)(d) an alternative treatment program. See Utah Code 64-13e-102
• 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
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
• 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