§ 31A-1-102. Purposes.  


Latest version.
  •      The purposes of the Insurance Code are to:
    (1) ensure the solidity of insurers doing business in Utah;
    (2) ensure that policyholders, claimants, and insurers are treated fairly and equitably;
    (3) ensure that Utah has an adequate and healthy insurance market, characterized by competitive conditions, the spirit of innovation, and the exercise of initiative;
    (4) provide for an insurance department that is expert in the field of insurance and able to enforce the Insurance Code effectively;
    (5) encourage cooperation between the Insurance Department and other Utah regulatory bodies, as well as other federal and state governmental entities;
    (6) preserve and improve state regulation of insurance;
    (7) maintain freedom of contract and enterprise;
    (8) encourage self regulation of the insurance industry;
    (9) encourage loss prevention as part of the insurance industry;
    (10) keep the public informed on insurance matters; and
    (11) achieve other purposes stated elsewhere in the Insurance Code.
Enacted by Chapter 242, 1985 General Session