Title 31A, Title 31A: Insurance Code

31A-5-103. Orders imposing and relaxing restrictions. (1) The commissioner may by order subject an individual corporation not otherwise subject to some or all of the restrictions of Subsections,,and, andif the commissioner finds after a hearing that the individual corporation's f…

31A-5-104. General corporate powers and procedures. (1) Subject to other provisions of this code, Sectionapplies to stock and mutual insurance corporations. 16-10a-302 Subject to other specific provisions of this title, a domestic insurance corporation may participate in any acti…

31A-5-105. Documents as evidence. A certificate issued by the commissioner under a provision of this chapter is prima facie evidence of the facts stated in the certificate.

31A-5-106. Unauthorized assumption of corporate power. All persons who presume to act as a corporation under this chapter without authority to do so are jointly and severally liable for all debts and liabilities incurred or arising as a result.

31A-5-108. Transition provision for former mutual benefit associations, cooperative associations, county mutuals, and reciprocal insurers. (1) Except as otherwise provided in this code, a domestic stock or mutual insurance corporation, including an incorporated mutual benefit ass…

31A-5-109. Compliance extension. If timely adjustment to a particular requirement applicable to a, mutual would cause a former county mutual, reciprocal insurer, cooperative association, or mutual benefit association hardship, disproportionate expense, or serious inconvenience, t…

31A-5-201. Reservation and registration of corporate name. The reservation, registration, and renewal of the corporate name of stock corporations and mutuals is governed by Sections,, and. The reservation and registration fees provided in Sectionapply.

31A-5-201. Reservation and registration of corporate name. The reservation, registration, and renewal of the corporate name of stock corporations and mutuals is governed by Sections,, and. The reservation and registration fees provided in Sectionapply.

31A-5-202. Incorporators. (1) One or more adult natural persons may organize and act as incorporators of a corporation under Section. 31A-5-204 (2) One to 15 adult natural persons may organize and act as incorporators of a corporation under the accelerated organization procedure …

31A-5-203. Articles and bylaws. (1) The articles of incorporation requirements in Sectionapply to the articles of a stock corporation, except that: 16-10a-202 the name of the corporation shall comply with Sectionsandand the name of any new or renamed corporation shall include the…

31A-5-203. Articles and bylaws. (1) The articles of incorporation requirements in Sectionapply to the articles of a stock corporation, except that: 16-10a-202 the name of the corporation shall comply with Sectionsandand the name of any new or renamed corporation shall include the…

31A-5-204. Organization permit -- Certificate of incorporation. (1) Subject to Section, a person, including a stock insurance corporation, insurance holding company, stock corporation to finance an insurer or insurance production for an insurer, corporation to provide management …

31A-5-205. Bond. (1) No organization permit may be issued until the commissioner receives from the applicants a bond of an authorized corporate surety, or a deposit of cash or approved securities under Section. This bond or deposit shall be in an amount the commissioner determine…

31A-5-206. Sale of securities by authorized insurer. A domestic insurer that has already received a certificate of authority may issue additional securities to obtain further financing, after obtaining a solicitation permit from the commissioner. The organizational permit require…

31A-5-207. Powers under organization permit. (1) While its organization permit is in effect a stock corporation may: register stock under Section, solicit subscriptions subject to Section, accept payment for the subscriptions in cash or, with the approval of the commissioner, in …

31A-5-208. Deposit of proceeds of subscriptions. (1) All funds, and the securities and documents representing interests in property, received by a stock corporation for stock subscriptions or by a mutual for applications for insurance policies or for mutual bond or contribution n…

31A-5-209. Termination and revocation of organization permit and payment of organization expenses. (1) The organization permit terminates upon: issuance of a certificate of authority under Section; 31A-5-212 revocation of the organization permit under Subsection; or (2) expiratio…

31A-5-210. Incorporators' liability and organization expenses. (1) The incorporators are jointly and severally liable for all organizational and promotional expenses and obligations incurred prior to the issuance of the certificate of authority. Upon issuance of the certificate, …

31A-5-211. Minimum capital or permanent surplus requirements. (1) Except as provided in Subsectionsand, insurers being organized or operating under this chapter shall maintain minimum capital or permanent surplus for a mutual, in amounts specified in Subsection. (4) (5) (2) The c…

31A-5-212. Certificate of authority. (1) The corporation may apply for a certificate of authority at any time prior to the expiration of its organization permit. The application shall include a detailed statement by a principal officer about any material changes that have taken p…

31A-5-213. Accelerated organization procedure. (1) The incorporators may apply for a certificate of authority without first obtaining an organization permit if: their number is not more than 15; no compensation is paid directly or indirectly for soliciting any of them; they purch…

31A-5-216. Change of domicile. (1) A foreign insurance corporation may become a Utah insurance corporation if it submits an application which evidences that the corporation complies with all of the requirements imposed on domestic Utah corporations. The commissioner may, by order…

31A-5-217. Separate accounts for variable contracts. (1) Separate accounts under this section may be designated by any appropriate name the corporation wishes to use, except that the commissioner may by rule provide guidelines for the naming of separate accounts. (2) With the app…

31A-5-217.5. Variable contract law. (1) This section applies to a separate account that is used to support one or more of the following: a variable life insurance policy that satisfies the requirements of Section 817, Internal Revenue Code; a variable annuity policy, including a …

31A-5-218. Subsidiaries. (1) Subject to the limitations under Subsection, an insurance corporation may form or acquire subsidiaries to do any lawful insurance business. 31A-18-106(1)(k) (2) An insurance corporation may form or acquire subsidiaries to hold or manage any assets tha…

31A-5-219. Amendment of articles. (1) Subject to Subsectionand to the requirements of the Insurance Code, a stock corporation may amend its articles under Sectionsthroughand a mutual may amend its articles under Sectionsthroughin any manner, including substantial changes of its o…

31A-5-301. Securities regulation. (1) Except as provided in Subsectionsand, no security issued by a domestic or nondomestic insurance corporation may be sold in this state by or for the corporation or any other person unless it is registered under Sectionand otherwise complies wi…

31A-5-302. Registration of securities. (1) An insurance security shall be registered with the commissioner: by coordination under Section; or 61-1-9 by qualification under Section. 61-1-10 A registration statement under this Subsectionshall conform to Section. (1) 61-1-11 (2) The…

31A-5-303. Insider trading of securities. (1) Every person who is directly or indirectly the beneficial owner of more than 10% of any class of any equity security of a domestic stock insurance corporation, or who is a director or officer of a domestic stock corporation, shall fil…

31A-5-304. Promoter stock. (1) While the organization permit is effective, the incorporators, directors, and principal officers of a stock corporation shall in the aggregate subscribe and pay, at the public offering price, at least $150,000 in cash or in property of equivalent va…

31A-5-305. Authorized securities. (1) The articles of incorporation of a stock corporation may authorize the kind of shares permitted by Sectionsand, and stock rights and options, except that: 16-10a-601 16-10a-602 nonvoting common stock may not be issued; all classes of common s…

31A-5-306. Corporate repurchase of shares. (1) To the extent of excess surplus, a stock corporation may repurchase its own shares 15 days after giving written notice to the commissioner. A stock corporation without excess surplus shall obtain written approval of the commissioner …

31A-5-307. Reduction in capital. A stock corporation may reduce its capital by amendment of its articles of incorporation under Section, if the commissioner is notified of the proposed reduction at least 60 days prior to the proposed effective date of the reduction. The commissio…

31A-5-401. Principal office and registered agent. Each domestic insurance corporation shall have its principal office and place of business in this state. By order, the commissioner may exempt a corporation from this requirement, in which case it is subject to the requirement of …

31A-5-401. Principal office and registered agent. (1) Each domestic insurance corporation shall have its principal office and place of business in this state. (2) By order, the commissioner may exempt a corporation from this requirement, in which case it is subject to the require…

31A-5-401.1. Definitions. As used in this: (1) "Voting members of mutuals" and "voting members" mean persons entitled to vote at annual or special meetings of the members of a mutual, as set forth in the articles of incorporation or amendments to the articles. (2) Voting members …

31A-5-402. Shareholders' meetings. (1) Sections,,,,,, andapply to the meetings, notices, quorums, and voting of stock corporations. Except where a greater percentage is required or allowed under this title, the articles of incorporation of domestic insurers may not require more t…

31A-5-403. Corruption in shareholders' meetings. No person may, in connection with any meeting of shareholders, members, or policyholders of an insurer, buy or sell a vote or proxy for money or any other thing of value, or engage in any corrupt or dishonest practice in connection…

31A-5-404. Communications to shareholders, policyholders, and voting members -- Commissioner's attendance at meetings. (1) Sectionsthroughapply to the books and records and their inspection by shareholders of stock corporations. Sectionapplies to the books and records and inspect…

31A-5-405. Meetings of mutuals and mutual policyholders' and members' voting rights. (1) Subject to this section, Sections,,, andapply to the meetings of members, the notice, and the voting in mutuals. 16-6a-701 16-6a-702 16-6a-704 16-6a-714 Subject to this section and Section, S…

31A-5-407. Board of directors. (1) Subject to this section, Sectionsthrough,, andapply to the board of directors of a stock corporation and Sectionsandapply to the governing board and trustees of mutuals. 16-10a-801 16-10a-803 16-10a-805 16-10a-811 16-6a-802 16-6a-805 (2) A major…

31A-5-408. Election and removal of directors and officers of stock corporations. (1) Sections,, andapply to the voting of shares of a stock corporation. 16-10a-721 16-10a-724 16-10a-728 (2) At each annual meeting of shareholders, the shareholders shall elect directors to hold off…

31A-5-409. Selection and removal of directors and officers of mutuals. (1) The articles or bylaws of a mutual shall state: the number of directors of the mutual including the directors that are: appointed as public directors under this Subsectionand Subsection; or (1) (2) elected…

31A-5-410. Supervision of management changes. (1) Immediately after the selection of a person as a director or principal officer, the insurer shall report to the commissioner: the name of the person selected as a director or principal officer of a corporation; and pertinent biogr…

31A-5-411. Continuity of management in emergencies. (1) If an emergency is caused by an attack on the United States or by a nuclear or other disaster which makes it impracticable for a corporation to conduct its business in strict accord with applicable provisions of law, its art…

31A-5-412. Committees of directors. (1) If provided for in the articles or bylaws of a corporation, the board, by resolution adopted by a majority of the full board, may designate one or more committees. A committee designated under this Subsectionshall consist of three or more d…