31A-16-101. Scope and purpose of chapter.
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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 the process 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 and transactions among affiliates within an insurance holding company system that may affect the solidity 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