UTAH CODE (Last Updated: January 16, 2015) |
Title 31A. Insurance Code |
Chapter 28. Guaranty Associations |
Part 2. Property and Casualty Guaranty Association |
§ 31A-28-203. Definitions.
Latest version.
- As used in this part:
(1) "Affiliate" is as defined in Section 31A-1-301. (2) "Association account" means the Utah Property and Casualty Insurance Guaranty Association Account created by Section 31A-28-205. (3) (a) "Claimant" means: (i) an insured making a first-party claim; or (ii) a person instituting a liability claim. (b) A person who is an affiliate of the insolvent insurer may not be a claimant. (5) "Insolvent insurer" means a member insurer that is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. (6) "Member insurer" means any person who: (a) writes any kind of insurance to which this part applies under Section 31A-28-202, including the exchange of reciprocal or inter-insurance contracts; and (b) is licensed to transact insurance in this state. (7) (a) "Net direct written premiums" means direct gross premiums written in this state on insurance policies that this part applies to, less return premiums and dividends paid or credited to policyholders on the direct business. (b) "Net direct written premiums" does not include premiums on contracts between insurers or reinsurers. (8) "Personal lines policy" means an insurance policy issued to an individual that: (a) insures a motor vehicle used for personal purposes and not used in trade or business; or (b) insures a residential dwelling. (9) "Residence" means, for entities other than a natural person, the state where the principal place of business of a claimant, insured, or policyholder is located at the time of the insured event.
Amended by Chapter 308, 2002 General Session