reglab/housing_qa huggingface dataset:
UT Code § 31A-5-414 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 414 - Transactions in which directors and others are interested.

31A-5-414. Transactions in which directors and others are interested.    (1) Any material transaction between an insurance corporation and one or more of its directors or officers, or between an insurance corporation and any other person in which one or more of its directors or officers or any person controlling the corporation has a material interest, is voidable by the corporation unless all the following exist:   (a) At the time the transaction is entered into it is fair to the interests of the corporation.     (b) The transaction has, with full knowledge of its terms and of the interests involved, been approved in advance by the board or by the shareholders.     (c) The transaction has been reported to the commissioner immediately after approval by the board or the shareholders.       (2) A director, whose interest or status makes the transaction subject to this section, may be counted in determining a quorum for a board meeting approving a transaction under Subsection (1)(b), but may not vote. Approval requires the affirmative vote of a majority of those present.     (3) The commissioner may by rule exempt certain types of transactions from the reporting requirement of Subsection (1)(c). The commissioner has standing to bring an action on behalf of an insurer to have a contract in violation of Subsection (1) declared void. Such an action shall be brought in the Third Judicial District Court for Salt Lake County.    Enacted by Chapter 242, 1985 General Session
UT Code § 31A-5-415 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 415 - Officers', directors', and employees' liability and indemnification.

31A-5-415. Officers', directors', and employees' liability and indemnification.    (1) Section 16-10a-841 applies to the liabilities of directors of a stock corporation. Subsection 16-6a-825(3) applies to loans to trustees and officers of a mutual. A director who votes for or assents to a violation of Subsection 16-6a-825(3) or Section 16-10a-842 is jointly and severally liable to the corporation for any loss on the distribution.     (2)Title 16, Chapter 10a, Part 9, Indemnification, applies to stock and mutual corporations, but no indemnification may be paid until 30 or more days after sending a notice to the commissioner of the full details of the proposed indemnification. The commissioner may bring an action in Third Judicial District Court for Salt Lake County to have such indemnification enjoined. The court may enjoin the indemnification to the extent it would render the insurer in a hazardous condition, or exacerbate an existing financially hazardous condition.    Amended by Chapter 300, 2000 General Session
UT Code § 31A-5-417 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 417 - Exclusive management and exclusive agency contracts.

31A-5-417. Exclusive management and exclusive agency contracts.    (1) No domestic insurer may enter into a contract that grants or surrenders the control and management of the insurer, unless the commissioner gives express approval of the contract. Such contracts, once approved, may not be amended without the commissioner's approval. Any contracts between a domestic reciprocal insurer, which insurers are governed under this chapter as any other mutual, and the insurer's attorney-in-fact are subject to this subsection.     (2) Unless the contract is filed and approved by the commissioner, no domestic insurer may enter into a contract granting, or allowing a person to have the exclusive or dominant right to produce the entire insurance business for the insurer. This type of contract is considered approved, unless disapproved by the commissioner within 30 days after filing. If disapproved, the commissioner shall notify the insurer in writing of the grounds of the disapproval.     (3) The commissioner may not approve any contract under Subsection (1) or (2) that:   (a) subjects the insurer to excessive charges for expenses or commissions;     (b) vests any control in a person over the general affairs of the insurer to the exclusion of its board of directors or officers;     (c) extends for an unreasonable length of time; or     (d) contains other inequitable provisions or provisions that may jeopardize the security of policyholders.      Enacted by Chapter 242, 1985 General Session
UT Code § 31A-5-418 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 418 - Dividends and other distributions.

31A-5-418. Dividends and other distributions.    (1) Subject to the requirements of Section 16-10a-842 and Subsection 31A-16-106(2), a stock corporation may make distributions under Section 16-10a-640 if all the following conditions are satisfied:   (a) A dividend may not be paid that would reduce the insurer's total adjusted capital below the insurer's company action level RBC as defined in Subsection 31A-17-601(8)(b).     (b) Except as to excess surplus, or unless the commissioner issues an order allowing otherwise, a dividend may not be paid that exceeds the insurer's net gain from operations or net income for the period ending December 31 of the preceding year.       (2)Title 67, Chapter 4a, Revised Uniform Unclaimed Property Act, applies to unclaimed dividends and distributions in insurance corporations.    Amended by Chapter 116, 2001 General Session
UT Code § 31A-5-420 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 420 - Payment of dividends by mutual insurers.

31A-5-420. Payment of dividends by mutual insurers.    (1) When it is in the best interests of the company, the directors of a domestic mutual insurer shall declare, apportion, and pay to its members dividends from its net savings and earnings.     (2) The insurer shall make a reasonable classification of its participating policies and its assumed risks. No dividend shall be paid that is inequitable, unfairly discriminates between classifications of insurance contracts, or unfairly discriminates between policies within the same classification.     (3) Unless stated in the policy, no dividend, otherwise earned, shall be contingent upon the payment of the renewal premium on any policy.     (4) Subsection (1) may not be construed to require an insurer determined by the United States Internal Revenue Service to be a nonprofit organization to pay a dividend in a manner which would jeopardize that status.    Enacted by Chapter 242, 1985 General Session
UT Code § 31A-5-501 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 5 - Corporate Reorganization|Section 501 - Merger of subsidiary corporation.

31A-5-501. Merger of subsidiary corporation.  The merger of subsidiary insurance corporations is subject to the provisions of Chapter 16, Insurance Holding Companies. In addition, the merger procedures outlined under Title 16, Chapter 10a, Utah Revised Business Corporation Act, apply to the mergers of subsidiary insurance corporations. For the purposes of this section, if the surviving corporation owns at least 80% of the outstanding shares of each class of the corporation to be merged into the surviving corporation, the procedures of Section 16-10a-1104, including no requirement of shareholder approval, may be used.  Amended by Chapter 277, 1992 General Session
UT Code § 31A-5-502 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 5 - Corporate Reorganization|Section 502 - Merger and consolidation of stock insurance corporations.

31A-5-502. Merger and consolidation of stock insurance corporations.  Any two or more stock insurance corporations may merge or consolidate, under the procedures set forth under Title 16, Chapter 10a, Utah Revised Business Corporation Act. All mergers are subject to the provisions of Chapter 16, Insurance Holding Companies.  Amended by Chapter 277, 1992 General Session
UT Code § 31A-5-503 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 5 - Corporate Reorganization|Section 503 - Merger and consolidation of mutuals.

31A-5-503. Merger and consolidation of mutuals.  Any two or more mutuals may merge or consolidate, under the procedures set forth under Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act. All mergers of mutuals are subject to Chapter 16, Insurance Holding Companies.  Amended by Chapter 300, 2000 General Session
UT Code § 31A-5-507 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 5 - Corporate Reorganization|Section 507 - Conversion of assessable to nonassessable and nonassessable to assessable mutuals.

31A-5-507. Conversion of assessable to nonassessable and nonassessable to assessable mutuals.    (1) When an assessable mutual accumulates enough surplus to satisfy the financial requirements for the operation of a nonassessable mutual, it may apply for a certificate of authority authorizing it to sell nonassessable policies. The commissioner shall issue a certificate of authority designating it a nonassessable mutual, if he finds that the applicant satisfies the requirements of the law and that the issuance of nonassessable policies will not endanger the interests of its insureds or the public. Policies issued after the issuance of this certificate of authority are nonassessable. Existing policies remain in effect and are nonassessable.     (2) A nonassessable mutual may apply to the commissioner for a certificate of authority designating it an assessable mutual. The commissioner shall issue the certificate if the law permits the corporation to issue assessable policies and if he finds that the conversion will not endanger the interests of insureds or the public. All policies issued after conversion are assessable, unless otherwise provided by contract.    Enacted by Chapter 242, 1985 General Session
UT Code § 31A-5-508 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 5 - Corporate Reorganization|Section 508 - Transfer of business or assets.

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
UT Code § 31A-5-509 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 5 - Corporate Reorganization|Section 509 - Conversion of a domestic mutual life insurance company into a fraternal.

31A-5-509. Conversion of a domestic mutual life insurance company into a fraternal.  A domestic mutual life insurance company may be converted into a fraternal under Chapter 9, Insurance Fraternals, in the following manner:  (1) The board of directors of the company shall adopt a plan of conversion stating:   (a) the basis for and the purposes of the proposed action;     (b) the proposed articles and bylaws for the new fraternal; and     (c) the proposed procedure and estimated expenses for implementing the conversion.       (2) The plan shall be filed with the commissioner for approval, together with the information under Subsection 31A-9-205(2) required by the commissioner. The commissioner shall approve the plan unless he finds, after a hearing, that:   (a) the conversion would be contrary to the law;     (b) the new fraternal would not satisfy the requirements for a certificate of authority under Section 31A-5-212 as incorporated by Section 31A-9-210; or     (c) the plan would be contrary to the interests of the policyholders or the public.       (3) After being approved by the commissioner, the plan shall be submitted to the policyholders for their approval.     (4) A copy of the plan adopted by the policyholders shall be filed with the commissioner, with a statement indicating the number and percentages of policyholders voting, the method of voting, and the number of votes cast in favor of the plan.     (5) If all requirements of the law are met, the commissioner shall issue a certificate of authority for the new fraternal. Upon this issuance, the mutual ceases its legal existence and the corporate existence of the new fraternal begins. The new fraternal is considered as having been incorporated on the date the converted mutual was incorporated. The new fraternal has all of the assets and is liable for all of the obligations of the converted mutual. The commissioner may grant a fraternal an adjustment period, not to exceed one year, for compliance with the requirements of Chapter 9, Insurance Fraternals. The commissioner's extension shall specify the extent to which particular provisions of Chapter 9, Insurance Fraternals, do not apply.    Amended by Chapter 204, 1986 General Session
UT Code § 31A-5-601 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 6 - Miscellaneous Provisions|Section 601 - Duties of officers, directors, agents, and employees.

31A-5-601. Duties of officers, directors, agents, and employees.    (1) Any officer, director, agent, attorney, or employee upon whom legal process is properly served or who receives notice of any legal action that may affect or involve the property or business of the insurer, shall promptly communicate the service or notice and detailed information about it to facilitate informed response to persons in the insurer's organization who have authority to take responsive action or to instigate responsive action by those in authority.     (2) A director of an insurer is assumed to have enough knowledge of its affairs to determine whether any act, proceeding, or omission of its directors is a violation of any provision of this chapter. If a director is present at a meeting of directors at which a violation of any provision of this chapter occurs, he is considered as concurring in the violation unless at the meeting he requires his dissent to be entered on the minutes. If a director is absent from the meeting, he is considered as concurring in any violation if the facts of violation appear on the minutes of the meeting and he remains a director for six months after the violation without requiring that his dissent from the violation be entered upon the record or the minutes.    Enacted by Chapter 242, 1985 General Session
UT Code § 31A-5-602 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 6 - Miscellaneous Provisions|Section 602 - Doing business in other states.

31A-5-602. Doing business in other states.    (1) Subject to Subsection (2), no domestic insurer may do an insurance business in any state in which it does not have a certificate of authority. It may not knowingly solicit in those states in any manner. Advertisements through printed media, radio, or television do not violate this subsection if they originate outside the state where there is no authority to do business, are not specifically directed to citizens of that state, and have a majority of their audience in states in which the insurer does have a certificate of authority.     (2) A domestic insurer may do a surplus lines business in a state in which it is not authorized, only if it complies with the surplus lines law of that state.    Enacted by Chapter 242, 1985 General Session
UT Code § 31A-5-701 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 7 - Disclosure of Material Transactions|Section 701 - General reporting requirement.

31A-5-701. General reporting requirement.    (1) An insurer domiciled in this state shall file a report with the commissioner disclosing any transaction listed in Subsection (2), unless the transaction has been submitted to the commissioner for review, approval, or information purposes pursuant to other provisions of this title or rules or other requirements made pursuant to this title.     (2) A report is required under Subsection (1) to disclose:   (a) material acquisitions and dispositions of assets; or     (b) material nonrenewals, cancellations, or revisions of ceded reinsurance agreements.       (3) The report required in Subsection (1) is due within 15 days after the end of the calendar month in which any of the transactions described in Subsection (2) occurs.     (4)   (a) Except as provided in Subsection (4)(b), reports obtained by or disclosed to the commissioner pursuant to this part are confidential and are not subject to subpoena and may not be made public by the commissioner or any other person or organization, without the prior written consent of the insurer to which it pertains.     (b)   (i) The commissioner may publish all or any part of a report in the manner the commissioner considers appropriate if the commissioner determines that the interest of policyholders, shareholders, or the public will be served by publication, after giving notice and an opportunity to be heard to the insurer who would be affected.     (ii) All or any part of a report may be disclosed without notice or consent to insurance departments of other states.        Enacted by Chapter 9, 1996 Special Session 2Enacted by Chapter 9, 1996 Special Session 2
UT Code § 31A-5-702 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 7 - Disclosure of Material Transactions|Section 702 - Acquisitions and dispositions of assets.

31A-5-702. Acquisitions and dispositions of assets.    (1)   (a) An acquisition or disposition of asset is not subject to the reporting requirements of Section 31A-5-701 if the acquisitions or dispositions are not material.     (b) For purposes of this part, an acquisition, a disposition, or the aggregate of any series of related acquisitions or related dispositions during any 30-day period, is material if it is:   (i) nonrecurring;     (ii) not in the ordinary course of business; and     (iii) involves more than 5% of the reporting insurer's total admitted assets as reported in its most recent statutory statement.         (2)   (a) An asset acquisition subject to this part includes every purchase, lease, exchange, merger, consolidation, succession, or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for that purpose.     (b) An asset disposition subject to this part includes every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment, whether for the benefit of creditors or otherwise, abandonment, destruction, or other disposition.       (3)   (a) The following information is required to be disclosed in any report filed pursuant to Section 31A-5-701 of a material acquisition or disposition of assets:   (i) the date of the transaction;     (ii) the manner of acquisition or disposition;     (iii) a description of the assets involved;     (iv) the nature and amount of the consideration given or received;     (v) the purpose of, or reason for, the transaction;     (vi) the manner by which the amount of consideration was determined;     (vii) any gain or loss recognized or realized as a result of the transaction; and     (viii) the name of any person from whom the assets were acquired or to whom they were disposed.       (b)   (i) Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer:   (A) is part of a consolidated group of insurers that uses a pooling arrangement or 100% reinsurance agreement that affects the solvency and integrity of the insurer's reserves; and     (B) ceded substantially all of its direct and assumed business to the pool.       (ii) For purposes of this section, an insurer is considered to have ceded substantially all of its direct and assumed business to a pool if:   (A) the insurer has less than $1,000,000 total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement; and     (B) the net income of the business not subject to the pooling arrangement represents less than 5% of the insurer's capital and surplus.          Enacted by Chapter 9, 1996 Special Session 2Enacted by Chapter 9, 1996 Special Session 2
UT Code § 31A-6b-101 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 6b - Guaranteed Asset Protection Waiver Act|Part 1 - General Provisions|Section 101 - Title.

31A-6b-101. Title.  This chapter is known as the "Guaranteed Asset Protection Waiver Act."  Enacted by Chapter 274, 2010 General Session