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Code · Utah · Title 31A — Insurance Code · Chapter 5

31A-5-508. Transfer of business or assets.

117 words·~1 min read·/ut/title-31a/chapter-5/31a-5-508

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31A-5-508. Transfer of business or assets.
(1)In the sale, lease, exchange, or mortgage of assets with or without shareholder action, and concerning the rights of dissenting shareholders in those transactions, Sections 16-10a-1201 , 16-10a-1202 , 16-10a-1320 through 16-10a-1328 , 16-10a-1330 , and 16-10a-1331 apply to stock corporations. In the sale, lease, exchange, or mortgage of assets, Section 16-6a-1201 applies to mutuals.
(2)Chapter 16, Insurance Holding Companies , applies to:
(a)the sale of a domestic insurer's assets or book of business, other than in the ordinary course of business; or
(b)the insurer entering into contracts of reinsurance which have substantially the same effect as a merger.
Amended by Chapter 300 , 2000 General Session
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