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Home » US Law » 2022 Utah Code » Title 31A - Insurance Code » Chapter 28 - Guaranty Associations » Part 1 - Utah Life and Health Insurance Guaranty Association Act

Section 102 – Purpose.

Effective 1/1/2019 31A-28-102. Purpose. (1) The purpose of this part is to protect, subject to certain limitations, the persons specified in Subsections 31A-28-103(1) through (5) against failure in the performance of contractual obligations, under a life insurance, accident and health insurance, or annuity policy or contract specified in Subsections 31A-28-103(6) and (7), because of the […]

Section 103 – Coverage and limitations.

Effective 5/5/2021 31A-28-103. Coverage and limitations. (1) This part provides coverage for a policy or contract specified in Subsections (6) and (7) to a person who is: (a) except for a nonresident certificate holder under a group policy or contract, a beneficiary, assignee, or payee of a person covered by Subsection (1)(b), including a health […]

Section 104 – Construction.

31A-28-104. Construction. This part shall be construed to effect the purposes under Section 31A-28-102. Amended by Chapter 161, 2001 General Session

Section 107 – Board of directors.

Effective 1/1/2019 31A-28-107. Board of directors. (1) (a) The board of directors of the association shall consist of: (i) at least seven but not more than eleven member insurers who: (A) serve terms as established in the plan of operation; and (B) are selected by member insurers, subject to the approval of the commissioner; and […]

Section 108 – Powers and duties of the association.

Effective 1/1/2019 31A-28-108. Powers and duties of the association. (1) (a) If a member insurer is an impaired insurer, subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, the association may provide the protections provided by this part. (b) If the association makes the election […]

Section 109 – Assessments.

Effective 1/1/2019 31A-28-109. Assessments. (1) (a) For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each class or subclass, at the time and for the amounts that the board of directors finds necessary. (b) Member […]

Section 110 – Plan of operation.

31A-28-110. Plan of operation. (1) (a) The association shall submit to the commissioner a plan of operation and any amendments to the plan necessary or suitable to assure the fair, reasonable, and equitable administration of the association. (b) The plan of operation and any amendments become effective: (i) upon the commissioner’s written approval; or (ii) […]

Section 111 – Duties and powers under this part.

Effective 1/1/2019 31A-28-111. Duties and powers under this part. The duties and powers described in this section are in addition to the duties and powers enumerated elsewhere in this part. (1) The commissioner shall: (a) upon request of the board of directors, provide the association with a statement of the premiums for each member insurer: […]

Section 112 – Reports.

Effective 1/1/2019 31A-28-112. Reports. (1) The commissioner shall: (a) report to the board of directors when: (i) the commissioner takes an action set forth in Section 31A-27a-201; (ii) an event described in Section 31A-17-603, 31A-17-604, or 31A-17-605 occurs; or (iii) the commissioner receives a report from any other commissioner indicating that an action described in […]

Section 113 – Credit for assessments paid.

Effective 1/1/2019 31A-28-113. Credit for assessments paid. (1) (a) A member insurer may offset against its premium tax, income tax, or franchise tax liability to this state an assessment described in Subsection 31A-28-109(2)(b) to the extent of 20% of the amount of the assessment for each of the five calendar years following the year in […]

Section 114 – Miscellaneous provisions.

Effective 1/1/2019 31A-28-114. Miscellaneous provisions. (1) Nothing in this part shall be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. (2) (a) The board of directors shall keep a record of a meeting of the board of directors to […]

Section 115 – Examination of the association — Annual report.

31A-28-115. Examination of the association — Annual report. (1) The association shall be subject to examination and regulation by the commissioner. (2) The board of directors shall submit to the commissioner each year, not later than 120 days after the association’s fiscal year: (a) a financial report in a form approved by the commissioner; and […]

Section 116 – Tax exemptions.

31A-28-116. Tax exemptions. The association is exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property. Repealed and Re-enacted by Chapter 211, 1991 General Session

Section 117 – Immunity.

31A-28-117. Immunity. (1) For any action or omission committed in the performance of their powers and duties under this part, there is no liability on the part of, and no cause of action of any nature shall arise against: (a) any member insurer; (b) a member insurer’s agents or employees; (c) the association; (d) the […]

Section 118 – Stay of proceedings — Reopening default judgments.

31A-28-118. Stay of proceedings — Reopening default judgments. (1) A proceeding in which the insolvent insurer is a party in any court in this state shall be stayed 180 days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on any matters germane to […]

Section 120 – Prospective application.

Effective 1/1/2019 31A-28-120. Prospective application. Notwithstanding any prior or subsequent law, the provisions of this part that are in effect on the date on which the association first becomes obligated for the policies or contracts of an insolvent or impaired insurer govern the association’s rights and obligations to the policy owners, contract owners, certificate holders, […]