31A-28-102. Purpose.
134 words·~1 min read·
/ut/title-31a/chapter-28/31a-28-102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 1/1/2019
31A-28-102. Purpose.
(1)The purpose of this part is to protect, subject to certain limitations, the persons specified in Subsections 31A-28-103(1) through
(5)against failure in the performance of contractual obligations, under a life insurance, accident and health insurance, or annuity policy or contract specified in Subsections 31A-28-103(6) and
(7), because of the impairment or insolvency of the member insurer that issued the policy or contract.
(2)To provide the protection described in Subsection
(1):
(a)the Utah Life and Health Insurance Guaranty Association, which currently exists, is continued to pay benefits and to continue coverages as limited by this part; and
(b)members of the association are subject to assessment to provide funds to carry out the purpose of this part.
Amended by Chapter 391 , 2018 General Session