31A-16-101 - Scope and purpose of chapter.
31A-16-101. Scope and purpose of chapter.
(1) This chapter applies to all persons doing an insurance business in Utah.
(2) The purposes of this chapter include:
(a) exercising surveillance over the acquisition of a domestic insurer, to ensure that in theprocess of making it part of an insurance holding company system, the interests of policyholders,shareholders, and the public are not harmed;
(b) providing the regulatory monitoring of those intercorporate relationships andtransactions among affiliates within an insurance holding company system that may affect thesolidity of insurers;
(c) controlling the payment of dividends that might affect the solidity of insurers; and
(d) providing, in appropriate cases, recoupment of dividends paid.
Enacted by Chapter 242, 1985 General Session