2006 Utah Code - 31A-27-101 — Scope, purpose, and construction.

     31A-27-101.   Scope, purpose, and construction.
     (1) The proceedings authorized by this chapter may be applied to:
     (a) all insurers and reinsurers who are doing, or have done, an insurance business in this state, and against whom claims arising from that business may exist now or in the future;
     (b) all insurers who give the appearance of or claim they do an insurance business in this state;
     (c) all insurers who have insureds resident in this state; and
     (d) all other persons organized or in the process of organizing to do an insurance business as an insurer in this state.
     (2) The purpose of this chapter is the protection of the interests of insureds, creditors, and the public generally, with minimum interference with the normal prerogatives of owners, through:
     (a) early detection of any potentially dangerous condition in an insurer, and prompt application of appropriate corrective measures;
     (b) improved methods for rehabilitating insurers, by enlisting the advice and management expertise of the insurance industry;
     (c) enhanced efficiency and economy of liquidation, through clarification and specification of the law, to minimize legal uncertainty and litigation;
     (d) equitable apportionment of any unavoidable loss;
     (e) lessening the problems of interstate rehabilitation and liquidation by facilitating cooperation between states in the liquidation process, and by extending the scope of personal jurisdiction over debtors of the insurer outside this state; and
     (f) regulation of the insurance business by law relating to delinquency procedures and by substantive rules on the entire insurance business.
     (3) This chapter shall be liberally construed to effect the purpose stated in Subsection (2). It does not limit the powers granted the commissioner by other provisions of law.

Amended by Chapter 204, 1986 General Session