§ 31A-1-102. Purposes.

     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