2006 Utah Code - 31A-27-102 — Definitions.

     31A-27-102.   Definitions.
     (1) As used in this chapter:
     (a) "Alien insurer domiciled in Utah" means an insurer domiciled outside the United States whose entry into the United States is through Utah.
     (b) "Ancillary state" means any state other than an insurer's state of domicile.
     (c) "Contingent claims" means a claim or demand upon which:
     (i) a right of action has accrued at the date of the order of liquidation; and
     (ii) liability has not been determined.
     (d) "Date of liquidation" means the date of the filing of a petition for liquidation that results in an order for liquidation.
     (e) "Delinquency proceeding" means any:
     (i) proceeding commenced against an insurer for the purpose of liquidating, rehabilitating, reorganizing, or conserving the insurer; and
     (ii) summary proceeding under Sections 31A-27-201 through 31A-27-203.
     (f) "Domestic insurer" includes, for purposes of this chapter, foreign insurers commercially domiciled in this state under Section 31A-14-206.
     (g) (i) "Estate" or "property of the estate" means:
     (A) all legal or equitable interests of an insurer that are the subject of a rehabilitation, liquidation, conservation, or other proceeding under this chapter in property as of the date of filing of the petition for rehabilitation, liquidation, or conservation;
     (B) any interest in property recoverable by the receiver under the provisions of this title;
     (C) any interest in property acquired after the date of filing of the petition; and
     (D) all proceeds, products, rents, and profits from this property.
     (ii) "Estate" or "property of the estate" includes property in which the insurer holds only legal title, but no equitable interest, only to the extent of the insolvent insurer's interest.
     (h) "Fair consideration" is given for property or an obligation:
     (i) when in exchange for the property or obligation, as a fair equivalent for it, and in good faith:
     (A) property is conveyed;
     (B) services are rendered;
     (C) an obligation is incurred; or
     (D) an antecedent debt is satisfied; or
     (ii) when the property or obligation is received in good faith to secure a present advance or an antecedent debt in amount not disproportionately small compared to the value of the property or obligation obtained.
     (i) (i) "General assets" means all property not encumbered by a security agreement for the security or benefit of specified persons or classes of persons.
     (ii) "General assets" does not include separate account assets under Section 31A-5-217.
     (iii) For encumbered property, "general assets" includes all that property or its proceeds which is in excess of the amount necessary to discharge the sums secured by the property.
     (iv) Assets held in trust or on deposit for the security or benefit of all policyholders, or all policyholders and creditors, in more than a single state, are general assets.
     (j) "Guaranty association" means:
     (i) the applicable association under Chapter 28, Guaranty Associations; or
     (ii) the similar association under the laws of another state.

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     (k) "Immature claim" means a claim or demand upon which payment is due, except for the passage of time.
     (l) "Insolvency" has the same meaning as in Section 31A-1-301.
     (m) "Insurer" means any person who is doing, has done, purports to do, or is licensed to do an insurance business on its own account and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, or supervision by, a commissioner. A separate account created under Section 31A-5-217 is an "insurer" for purposes of Chapter 27, Insurers Rehabilitation and Liquidation.
     (n) "Preferred claim" means any claim that the law gives priority of payment from the general assets of the insurer.
     (o) "Receiver" means receiver, liquidator, rehabilitator, or conservator:
     (i) as the context requires; and
     (ii) is consistent with the definition of "receiver" in Subsections 31A-27-110(1)(c)(i) through (vii).
     (p) "Reciprocal state" means any state other than this state:
     (i) in which in substance Subsection 31A-27-310(1), Subsections 31A-27-403(1) and (3), Sections 31A-27-404 and 31A-27-406 through 31A-27-409 are in force;
     (ii) which has laws requiring the commissioner to be the receiver of a delinquent insurer; and
     (iii) which has laws for the avoidance of fraudulent conveyances and preferential transfers by the receiver of a delinquent insurer.
     (q) "Secured claim" means any claim secured by mortgage, trust deed, security agreement, pledge, deposit as security, escrow or otherwise, but not including special deposit claims. The term also includes claims that have become liens upon specific assets through judicial processes.
     (r) "Separate account assets" means those assets allocated to separate accounts under Section 31A-5-217.
     (s) "Special deposit claim" means any claim secured by a deposit in trust made pursuant to this title for the security or benefit of one or more limited classes of persons.
     (t) "Transfer" means every mode, direct or indirect, absolute or conditional, voluntarily or involuntarily, by or without judicial proceedings, of disposing of or parting with property or with an interest in property. The retention of a security interest in or title to property delivered to a debtor is considered a transfer by the debtor.
     (u) "Unliquidated claim" means a claim or demand upon which:
     (i) a right of action has accrued at the date of the order of liquidation; and
     (ii) liability has been established but the amount of which has not been determined.
     (2) If the subject of a rehabilitation or liquidation proceeding under this chapter is an insurer engaged in a surety business, then as used in this chapter:
     (a) "Policy" includes a bond issued by a surety.
     (b) "Policyholder" includes a principal on a bond.
     (c) "Beneficiary" includes an obligee of a bond.
     (d) "Insured" includes both the principal and obligee of a bond.

Amended by Chapter 308, 2002 General Session