Sections
Part 1 General Provisions 63N-6-103
Part 2 Utah Capital Investment Restricted Account 63N-6-204
Part 3 Utah Capital Investment Corporation 63N-6-301 – 63N-6-305
Part 4 Utah Fund of Funds 63N-6-401 – 63N-6-412

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Utah Code > Title 63N > Chapter 6 - Utah Venture Capital Enhancement Act

  • Administrator: means the same as that term is defined in Subsection (187). See Utah Code 31A-1-301
  • Aggregator site: means a website that provides access to information regarding insurance products from more than one insurer, including product and insurer information, for use in comparison shopping. See Utah Code 31A-23a-902
  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Blanket travel insurance: means a travel insurance policy that:
         (2)(a) an insurer issues to an eligible group; and
         (2)(b) covers:
              (2)(b)(i) a specific class of persons defined in the policy; and
              (2)(b)(ii) all members of the eligible group without a separate charge to an individual member of the eligible group. See Utah Code 31A-23a-902
  • Board: means the board of directors of the corporation. See Utah Code 63N-6-103
  • Cancellation fee waiver: means a contractual agreement that:
         (3)(a) is between a supplier of a travel assistance service and the supplier's customer; and
         (3)(b) waives a non-refundable cancellation fee provision of the supplier's underlying travel contract, with or without regard to:
              (3)(b)(i) the reason for the cancellation; or
              (3)(b)(ii) the form of reimbursement. See Utah Code 31A-23a-902
  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • 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 the Utah Capital Investment Corporation created under Section 63N-6-301. See Utah Code 63N-6-103
  • Exclusion: means for the purposes of accident and health insurance that an insurer does not provide insurance coverage, for whatever reason, for one of the following:
         (67)(a) a specific physical condition;
         (67)(b) a specific medical procedure;
         (67)(c) a specific disease or disorder; or
         (67)(d) a specific prescription drug or class of prescription drugs. See Utah Code 31A-1-301
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • 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
  • 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
  • Fulfillment material: means documentation that:
         (5)(a) is sent to the purchaser of a travel protection plan;
         (5)(b) confirms the purchase of the travel protection plan; and
         (5)(c) provides the travel protection plan's coverage and assistance details. See Utah Code 31A-23a-902
  • Individual: means a natural person. See Utah Code 31A-1-301
  • Inland marine insurance: includes insurance covering:
         (94)(a) property in transit on or over land;
         (94)(b) property in transit over water by means other than boat or ship;
         (94)(c) bailee liability;
         (94)(d) fixed transportation property such as bridges, electric transmission systems, radio and television transmission towers and tunnels; and
         (94)(e) personal and commercial property floaters. 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
  • 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: 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.
  • 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
  • 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
  • Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
  • 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
  • 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
  • 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
  • Restricted account: means the Utah Capital Investment Restricted Account created in Section 63N-6-204. See Utah Code 63N-6-103
  • 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
  • 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
  • Travel administrator: means a person who, in connection with travel insurance, directly or indirectly:
              (9)(a)(i) underwrites;
              (9)(a)(ii) collects a charge, collateral, or a premium from a resident of this state; or
              (9)(a)(iii) adjusts or settles a claim on a resident of this state. See Utah Code 31A-23a-902
  • Travel assistance service: includes :
              (10)(b)(i) a security advisory;
              (10)(b)(ii) destination information;
              (10)(b)(iii) a vaccination and immunization information service;
              (10)(b)(iv) a travel reservation service;
              (10)(b)(v) entertainment;
              (10)(b)(vi) activity and event planning;
              (10)(b)(vii) translation assistance;
              (10)(b)(viii) emergency messaging;
              (10)(b)(ix) an international legal or medical referral;
              (10)(b)(x) medical case monitoring;
              (10)(b)(xi) coordination of transportation arrangements;
              (10)(b)(xii) emergency cash transfer assistance;
              (10)(b)(xiii) medical prescription replacement assistance;
              (10)(b)(xiv) passport and travel document replacement assistance;
              (10)(b)(xv) lost luggage assistance; and
              (10)(b)(xvi) a concierge service. See Utah Code 31A-23a-902
  • Travel insurance: means insurance coverage for personal risks incident to planned travel, including:
              (11)(a)(i) interruption or cancellation of a trip or event;
              (11)(a)(ii) loss of baggage or personal effects;
              (11)(a)(iii) damages to accommodations or rental vehicles;
              (11)(a)(iv) sickness, accident, disability, or death during travel;
              (11)(a)(v) emergency evacuation;
              (11)(a)(vi) repatriation of remains; or
              (11)(a)(vii) a contractual obligation that indemnifies or pays a specified amount to the traveler upon a determinable contingency related to travel. See Utah Code 31A-23a-902
  • Travel protection plan: means a plan that provides:
         (12)(a) travel insurance;
         (12)(b) a travel assistance service; or
         (12)(c) a cancellation fee waiver. See Utah Code 31A-23a-902
  • Travel retailer: means a business entity that:
         (13)(a) makes, arranges, or offers a travel service; and
         (13)(b) may offer and disseminate travel insurance as a service to the entity's customers on behalf of and under the direction of a limited lines travel insurance producer. See Utah Code 31A-23a-902
  • Utah fund of funds: means a limited liability company established under Section 63N-6-401. See Utah Code 63N-6-103