Terms Used In Utah Code > Title 63N > Chapter 1a - Economic Opportunity Organization

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• 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
• 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
• authorized insurer: means an insurer:
            (191)(b)(i) holding a valid certificate of authority to do an insurance business in this state; and
            (191)(b)(ii) transacting business as authorized by a valid certificate. See Utah Code 31A-1-301
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
• Baseline state revenue: means the amount of state tax revenue collected from a business entity or the employees of a business entity during the year before the date on which a project related to the business entity is approved by the office or by the GOEO board. See Utah Code 63N-1a-102
• Chambers: A judge's office.
• Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102
• consultant: means a person who:
       (99)(a) advises another person about insurance needs and coverages;
       (99)(b) is compensated by the person advised on a basis not directly related to the insurance placed; and
       (99)(c) except as provided in Section 31A-23a-501, is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Donor: The person who makes a gift.
• 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
• Executive director: means the executive director of the office. See Utah Code 63N-1a-102
• 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.
• Full-time employee: means an employment position that is filled by an employee who works at least 30 hours per week and:
       (6)(a) may include an employment position filled by more than one employee, if each employee who works less than 30 hours per week is provided benefits comparable to a full-time employee; and
       (6)(b) may not include an employment position that is shifted from one jurisdiction in the state to another jurisdiction in the state. See Utah Code 63N-1a-102
• GOEO: means the Governor's Office of Economic Opportunity. See Utah Code 63N-1a-102
• GOEO board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102
• Individual: means a natural person. 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
• 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
• License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
• Managing general agent: means a person that:
            (6)(a)(i) manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office;
            (6)(a)(ii) acts as an agent for the insurer whether it is known as a managing general agent, manager, or other similar term;
            (6)(a)(iii) produces and underwrites an amount of gross direct written premium equal to, or more than, 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year:

                 (6)(a)(iii)(A) with or without the authority;

                 (6)(a)(iii)(B) separately or together with an affiliate; and

                 (6)(a)(iii)(C) directly or indirectly; and
            (6)(a)(iv)

                 (6)(a)(iv)(A) adjusts or pays claims in excess of an amount determined by the commissioner; or

                 (6)(a)(iv)(B) negotiates reinsurance on behalf of the insurer. See Utah Code 31A-23a-102
• Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning a substantive benefit, term, or condition of the contract if the person engaged in that act:
       (7)(a) sells insurance; or
       (7)(b) obtains insurance from insurers for purchasers. See Utah Code 31A-23a-102
• 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
• 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
• Quorum: The number of legislators that must be present to do business.
• Rebate: means a licensee paying, allowing, giving, or offering to pay, allow, or give, directly or indirectly:
            (166)(a)(i) a refund of premium or portion of premium;
            (166)(a)(ii) a refund of commission or portion of commission;
            (166)(a)(iii) a refund of all or a portion of a consultant fee; or
            (166)(a)(iv) providing services or other benefits not specified in an insurance or annuity contract. 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
• 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:
       (12)(a) by any means;
       (12)(b) for money or its equivalent; and
       (12)(c) on behalf of an insurance company. See Utah Code 31A-23a-102
• Solicit: means :
       (13)(a) attempting to sell insurance;
       (13)(b) asking or urging a person to apply for:

            (13)(b)(i) a particular kind of insurance; and

            (13)(b)(ii) insurance from a particular insurance company;
       (13)(c) advertising insurance, including advertising for the purpose of obtaining leads for the sale of insurance; or
       (13)(d) holding oneself out as being in the insurance business. See Utah Code 31A-23a-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 revenue: means state tax liability paid by a business entity or a business entity's employees under any combination of the following provisions:
       (12)(a) Title 59, Chapter 7, Corporate Franchise and Income Taxes;
       (12)(b) Title 59, Chapter 10, Part 1, Determination and Reporting of Tax Liability and Information;
       (12)(c) Title 59, Chapter 10, Part 2, Trusts and Estates;
       (12)(d) Title 59, Chapter 10, Part 4, Withholding of Tax; and
       (12)(e) Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 63N-1a-102
• State strategic goals: means the strategic goals listed in Section 63N-1a-103. See Utah Code 63N-1a-102
• Statewide economic development strategy: means the economic development strategy developed by the commission in accordance with Section 63N-1a-202. See Utah Code 63N-1a-102
• Statute: A law passed by a legislature.
• Talent board: means the Talent, Education, and Industry Alignment Board created in Section 53B-34-102. See Utah Code 63N-1a-102
• Targeted industry: means an industry or group of industries targeted by the commission under Section 63N-1a-202, for economic development in the state. See Utah Code 63N-1a-102
• 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