31A-5-102 - Scope and purposes.
31A-5-102. Scope and purposes.
(1) (a) Except as expressly provided otherwise in this title, this chapter applies to allcorporations organized under Utah law and doing an insurance business as defined under Section31A-1-301, except those expressly governed by other chapters of this title. This chapter appliesto corporations doing a reinsurance business, whether or not they do other insurance business.
(b) Except as expressly provided otherwise, this chapter does not apply to nondomesticinsurers.
(c) Except as provided otherwise in this title, Title 16, Chapter 6a, Utah RevisedNonprofit Corporation Act, and Title 16, Chapter 10a, Utah Revised Business Corporation Act,apply to corporations under this chapter.
(d) If Title 16, Chapter 6a, or Title 16, Chapter 10a, conflict with this title, this titlegoverns.
(2) The purposes of this chapter include:
(a) to provide a procedure for the formation of insurance corporations;
(b) to assure the solidity of insurance corporations by providing an organizationalframework to facilitate sound management, sound operation, and sound regulation;
(c) to provide fair means of corporate transformation; and
(d) where feasible, to strengthen internal corporate democracy through enhancingshareholder and policyholder participation.
Amended by Chapter 300, 2000 General Session