31A-1-102. Purposes.
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31A-1-102. Purposes.
The purposes of the Insurance Code are to:
(1)ensure the solidity of insurers doing business in Utah;
(2)ensure that policyholders, claimants, and insurers are treated fairly and equitably;
(3)ensure that Utah has an adequate and healthy insurance market, characterized by competitive conditions, the spirit of innovation, and the exercise of initiative;
(4)provide for an insurance department that is expert in the field of insurance and able to enforce the Insurance Code effectively;
(5)encourage cooperation between the Insurance Department and other Utah regulatory bodies, as well as other federal and state governmental entities;
(6)preserve and improve state regulation of insurance;
(7)maintain freedom of contract and enterprise;
(8)encourage self regulation of the insurance industry;
(9)encourage loss prevention as part of the insurance industry;
(10)keep the public informed on insurance matters; and
(11)achieve other purposes stated elsewhere in the Insurance Code.
Enacted by Chapter 242 , 1985 General Session