reglab/housing_qa huggingface dataset:
UT Code § 31A-5-306 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 3 - Securities of Domestic Insurance Corporations|Section 306 - Corporate repurchase of shares.

31A-5-306. Corporate repurchase of shares.    (1)   (a) To the extent of excess surplus, a stock corporation may repurchase its own shares 15 days after giving written notice to the commissioner.     (b) A stock corporation without excess surplus shall obtain written approval of the commissioner prior to repurchasing its own shares.     (c) Any repurchase of stock is subject to Section 16-10a-631.     (d) A stock corporation may not repurchase its own shares if it is hazardous or would become hazardous as a result of the repurchase.       (2) Within 10 days after the end of any month in which it purchases more than 1% of any class of its outstanding shares, the corporation shall report the price and the names of the registered shareholders from whom the shares are acquired and of any other persons beneficially interested in those shares, so far as the latter are known to the corporation. The corporation shall make a similar report within 10 days after the end of any three-month period in which it purchases more than 2% of any class of its outstanding shares and within 10 days after the end of any 12-month period in which it purchases more than 5% of any class of its outstanding shares. Section 16-10a-631 applies to the corporation's acquisition of its outstanding shares.     (3) Treasury shares may be disposed of by the corporation for their current market value or, if there is no market, for the consideration the board of directors determines to be the fair value of the shares.     (4) Section 31A-17-407 applies to accounting for treasury shares.    Amended by Chapter 9, 1996 Special Session 2Amended by Chapter 9, 1996 Special Session 2
UT Code § 31A-5-307 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 3 - Securities of Domestic Insurance Corporations|Section 307 - Reduction in capital.

31A-5-307. Reduction in capital.  A stock corporation may reduce its capital by amendment of its articles of incorporation under Section 31A-5-219, if the commissioner is notified of the proposed reduction at least 60 days prior to the proposed effective date of the reduction. The commissioner may disapprove the reduction within 45 days after the notice if he finds that it would violate the law or would be contrary to the interests of insureds. His order shall explain in detail why the distribution is disapproved.  Amended by Chapter 277, 1992 General Session
UT Code § 31A-5-401 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 401 - Principal office and registered agent.

31A-5-401. Principal office and registered agent.  Each domestic insurance corporation shall have its principal office and place of business in this state. By order, the commissioner may exempt a corporation from this requirement, in which case it is subject to the requirement of Section 31A-14-204. The location of a domestic insurance corporation's principal office and the existence of a registered agent are governed by Title 16, Chapter 17, Model Registered Agents Act.  Amended by Chapter 364, 2008 General Session
UT Code § 31A-5-401.1 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 401.1 - Definitions.

31A-5-401.1. Definitions.  As used in this Part 4, Management of Insurance Corporations:   (1) "Voting members of mutuals" and "voting members" mean persons entitled to vote at annual or special meetings of the members of a mutual, as set forth in the articles of incorporation or amendments to the articles.     (2) Voting members of mutuals and voting members do not necessarily include policyholders of the mutual, if the articles of incorporation or amendments to the articles of incorporation so provide, and if the articles of incorporation or amendments have been approved by the commissioner after a hearing.    Amended by Chapter 90, 2004 General Session
UT Code § 31A-5-402 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 402 - Shareholders' meetings.

31A-5-402. Shareholders' meetings.    (1) Sections 16-10a-701, 16-10a-702, 16-10a-705, 16-10a-721, 16-10a-724, 16-10a-726, and 16-10a-728 apply to the meetings, notices, quorums, and voting of stock corporations. Except where a greater percentage is required or allowed under this title, the articles of incorporation of domestic insurers may not require more than 50% of the shares represented for the approval of an action requiring shareholder approval.     (2) Sections 16-10a-707 and 16-10a-720 apply to the closing of transfer books, the fixing of the record date, and the voting lists of stock corporations.     (3) Section 16-10a-731 applies to stock corporations. The transfer of shares to a voting trust does not preclude the trustor, or trustee, from being subject to Chapter 16, Insurance Holding Companies.    Amended by Chapter 277, 1992 General Session
UT Code § 31A-5-403 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 403 - Corruption in shareholders' meetings.

31A-5-403. Corruption in shareholders' meetings.  No person may, in connection with any meeting of shareholders, members, or policyholders of an insurer, buy or sell a vote or proxy for money or any other thing of value, or engage in any corrupt or dishonest practice in connection with the conduct of the shareholders' meeting.  Enacted by Chapter 242, 1985 General Session
UT Code § 31A-5-404 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 404 - Communications to shareholders, policyholders, and voting members -- Commissioner's attendance at meetings.

31A-5-404. Communications to shareholders, policyholders, and voting members -- Commissioner's attendance at meetings.    (1)   (a) Sections 16-10a-1601 through 16-10a-1604 apply to the books and records and their inspection by shareholders of stock corporations. Section 16-6a-1602 applies to the books and records and inspection rights of policyholders or voting members of mutuals. However, the inspection of the records of the names and addresses of policyholders or voting members of mutuals is permitted only to communicate with other policyholders or voting members regarding the nomination and election of candidates for the board, or for other corporate matters which may be submitted to a vote of the policyholders or voting members. No person may, directly or indirectly, use any information obtained in an inspection for any other purpose.     (b) Any books, records, or minutes may be in written form or in any other form capable of being converted into written form within a reasonable time.     (c) Any provision of this chapter or of any articles or bylaws of a mutual, which requires keeping a record of the names and addresses of policyholders entitled to vote or voting members, is complied with by keeping a record of the names of policyholders or voting members and the names and addresses of insureds or persons paying premiums. This provision requires mailing or sending of notices, reports, proposals, ballots, or other materials to policyholders or voting members of record.       (2) Subject to Subsection (4), the commissioner may by rule prescribe that copies of specified classes of communications circulated generally by a corporation to shareholders, policyholders, or voting members be communicated to the commissioner at the same time.     (3) Subject to Subsection (4), the commissioner may attend any shareholders', policyholders', or voting members' meeting as an observer.     (4) Subsection (3) and, so far as it relates to communications to shareholders, Subsection (2) do not apply to stock corporations whose voting shares are owned by a single person, or whose shareholders are either members of the board or are explicitly represented on it.    Amended by Chapter 300, 2000 General Session
UT Code § 31A-5-405 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 405 - Meetings of mutuals and mutual policyholders' and members' voting rights.

31A-5-405. Meetings of mutuals and mutual policyholders' and members' voting rights.    (1)   (a) Subject to this section, Sections 16-6a-701, 16-6a-702, 16-6a-704, and 16-6a-714 apply to the meetings of members, the notice, and the voting in mutuals.     (b) Subject to this section and Section 31A-5-409, Section 16-6a-711 applies to the voting of members of mutuals.       (2)   (a) Policyholders or voting members in all mutuals have the right to vote on:   (i) conversion;     (ii) voluntary dissolution;     (iii) amendment of the articles; and     (iv) the election of directors except public directors appointed in accordance with Subsections 31A-5-409(1) and (2).       (b) The mutual may adopt reasonable provisions in its bylaws to determine:   (i) which individual among joint policyholders may exercise a voting right; and     (ii) how to deal with cases where the same individual is one of several joint policyholders in various policies.       (c) The articles of any mutual may give the policyholders or voting members additional voting rights. These articles may require a greater percentage of affirmative votes to approve an action than the statutes require.       (3)   (a) The articles or bylaws shall contain rules governing voting procedures and voting eligibility consistent with Subsection (1).     (b) An amendment to a rule described in this Subsection (3) is not effective until at least 30 days after the rule has been filed with the commissioner.       (4)   (a) The articles or bylaws may provide for regular or special meetings of the policyholders or voting members, and, if meetings are not provided for, then mail elections shall be provided for in lieu of elections at meetings.     (b) Notice of the time and place of regular meetings or elections shall be given to each policyholder or voting member in a reasonable manner as the commissioner approves or requires. Changes may be made by written notice mailed, properly addressed, and stamped, to the last-known address of all policyholders or voting members.       (5)   (a) The articles may provide that representatives or delegates selected by the policyholders or voting members shall be from specific geographical districts or defined classes of policyholders or voting members, as determined on a reasonable basis.     (b) After the representative assembly has been selected by the policyholder or voting members, the assembly or the respective classes of policyholders or voting members may choose replacements for members unable to complete their terms, if the articles provide for their replacement.     (c) The vote of a person holding a valid proxy is treated as the vote of the policyholders or voting members who gave the proxy.      Amended by Chapter 308, 2002 General Session
UT Code § 31A-5-407 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 407 - Board of directors.

31A-5-407. Board of directors.    (1) Subject to this section, Sections 16-10a-801 through 16-10a-803, 16-10a-805, and 16-10a-811 apply to the board of directors of a stock corporation and Sections 16-6a-802 and 16-6a-805 apply to the governing board and trustees of mutuals.     (2) A majority of the directors shall be residents of this state unless the commissioner is satisfied that the corporation's financial condition, management, and other circumstances give assurance that the interests of insureds and the public will not be endangered by the majority being nonresidents.     (3) Employees and agents of a corporation that receive more than 10% of their income from the corporation, and persons related to any of them within the second degree by blood or marriage, if directors, are considered "inside directors." Inside directors may not constitute a majority of the corporation's board.     (4) Subsections (2) and (3) and the required number of directors for committees under Subsection 31A-5-412(1) do not apply to an insurance subsidiary authorized under Subsection 31A-5-218(1), nor to a stock insurance corporation, more than 50% of whose outstanding shares entitled to vote are owned or controlled by a single person or all of whose voting shareholders are either members of or are individually represented on the board.     (5) If the directors of a corporation are divided into classes by the articles or the bylaws, no class may contain fewer than one-third of the total number of directors. Subject to this requirement, Section 16-10a-804 applies to the classification of directors of stock corporations. When classes of trustees or directors are provided in a mutual corporation, the terms of office of the several classes need not be uniform.     (6) The board shall manage the business and affairs of the corporation and may not delegate its power or responsibility, except as authorized by Section 31A-5-412.     (7) Section 16-10a-824 applies to the determination of a quorum of directors of a stock corporation and Section 16-6a-816 applies to the determination of a quorum of trustees for a mutual, except as specifically provided otherwise in this title.     (8)   (a) Sections 16-10a-820 and 16-10a-821 apply to the meetings and action without a meeting of the board of directors of stock corporations.     (b) Sections 16-6a-812 through 16-6a-819 apply to the meetings and notice of mutuals.       (9) Sections 16-10a-1601 through 16-10a-1604 apply to stock corporations and Section 16-6a-1602 applies to mutuals regarding the examination of books and records of these entities.    Amended by Chapter 300, 2000 General Session
UT Code § 31A-5-408 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 408 - Election and removal of directors and officers of stock corporations.

31A-5-408. Election and removal of directors and officers of stock corporations.    (1) Sections 16-10a-721, 16-10a-724, and 16-10a-728 apply to the voting of shares of a stock corporation.     (2) At each annual meeting of shareholders, the shareholders shall elect directors to hold office until the next succeeding annual election, except as provided under Subsection (3) or (4). Each director shall hold office for the term for which he is elected and until his successor is elected and qualified, if qualification is required.     (3) Sections 16-10a-808 and 16-10a-832 apply to removal of directors and officers of a stock corporation.     (4) Each director shall be subject to election at least once every three years.     (5) A vacancy in the board of directors may be filled by the affirmative vote of a majority of the remaining directors even though the number of remaining directors is less than a quorum. The director elected through this process shall serve only until the next regular shareholders meeting at which a director's election may be held.    Amended by Chapter 277, 1992 General Session
UT Code § 31A-5-409 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 409 - Selection and removal of directors and officers of mutuals.

31A-5-409. Selection and removal of directors and officers of mutuals.    (1) The articles or bylaws of a mutual shall state:   (a) the number of directors of the mutual including the directors that are:   (i) appointed as public directors under this Subsection (1) and Subsection (2); or     (ii) elected under Subsection (3);       (b) the number of directors of the mutual that may be appointed as public directors; and     (c) the plan that specifies the manner in which:   (i) a public director is to be appointed; and     (ii) a director who is not a public director is to be elected.         (2)   (a) The plan for the appointment of public directors specified in Subsection (1) shall assure true public representation on the board.     (b) A person appointed as a public director shall have insurance business or other business or professional experience that qualifies that person to serve responsibly and impartially as a director.     (c) A public director may be an uncompensated member of the board of directors.     (d) Notwithstanding Subsection (2)(c), a public director shall meet the qualifications of Subsection (2)(b).       (3)   (a) A director who is not a public director shall be elected by:   (i) the policyholders; or     (ii) voting members.       (b) If the directors who are not public directors are divided into classes, one class shall be elected:   (i) at least every four years; and     (ii) for a term not exceeding six years.         (4) A director may be removed from office for cause by an affirmative vote of a majority of the full board at a meeting of the board called for that purpose.     (5) Subject to Subsections (1) through (4), Section 16-6a-810 applies to vacancies on the governing board.    Amended by Chapter 308, 2002 General Session
UT Code § 31A-5-410 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 410 - Supervision of management changes.

31A-5-410. Supervision of management changes.    (1)   (a) Immediately after the selection of a person as a director or principal officer, the insurer shall report to the commissioner:   (i) the name of the person selected as a director or principal officer of a corporation; and     (ii) pertinent biographical and other data that the commissioner requires by rule.       (b) For five years after the initial issuance of a certificate of authority to a corporation, the commissioner may, within 30 days after receipt of a report under Subsection (1)(a), disapprove any person selected who fails to satisfy the commissioner that the person:   (i) is trustworthy; and     (ii) has the competence and experience necessary to discharge that person's responsibilities.         (2)   (a) Whenever a director or principal officer of a corporation is removed under a provision listed in Subsection (2)(b), the insurer shall immediately report to the commissioner:   (i) the removal; and     (ii) a statement of the reasons for the removal.       (b) Subsection (2)(a) applies to a removal under:   (i) Subsection 16-6a-820(4);     (ii) Section 16-10a-808;     (iii) Section 16-10a-832; and     (iv) Subsection 31A-5-409(4).         (3) The commissioner may order the removal of a director or officer if the commissioner finds, after a hearing, that:   (a) a director or officer:   (i) is incompetent;     (ii) untrustworthy;     (iii) is not qualified under Section 31A-5-409; or     (iv) has wilfully violated:   (A) this title;     (B) a rule adopted under Subsection 31A-2-201(3); or     (C) an order issued under Subsection 31A-2-201(4); and         (b) the circumstances described in Subsection (3)(a) endangers the interests of:   (i) insureds; or     (ii) the public.        Amended by Chapter 308, 2002 General Session
UT Code § 31A-5-411 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 411 - Continuity of management in emergencies.

31A-5-411. Continuity of management in emergencies.    (1) If an emergency is caused by an attack on the United States or by a nuclear or other disaster which makes it impracticable for a corporation to conduct its business in strict accord with applicable provisions of law, its articles, bylaws, or its charter, this section facilitates the continued operation of a domestic insurance corporation.     (2) The board of any corporation may adopt emergency bylaws, subject to repeal or change by action of those having power to adopt regular bylaws. These bylaws shall operate during a national emergency. Notwithstanding any different provisions in the regular bylaws, the applicable statutes, or the corporation's articles or charter, these emergency bylaws may make any provision that is reasonably necessary for operation during the emergency.     (3) If the board of a corporation has not adopted emergency bylaws, the following provisions are effective in a national emergency:   (a) Three directors constitute a quorum for the transaction of business at all meetings of the board.     (b) A vacancy on the board may be filled by a majority of the remaining directors, though less than a quorum, or by a sole remaining director.     (c)   (i) If there are no surviving directors, but at least three officers of the corporation survive, the three officers with the longest term of service become the directors and possess all of the powers of the previous board and the powers that are granted under this section. The emergency board may elect other directors by a majority vote.     (ii) If there are not three surviving officers, the commissioner shall appoint three natural persons, including any surviving officers, as directors. They shall possess all of the powers of the previous board and any powers granted under this section. The emergency board may elect other directors by majority vote.         (4) The board of a corporation may, by resolution adopted by the board, provide that in the event of a national emergency and in the event of the death or incapacity of specified officers of the corporation, those officers shall be succeeded by the persons described in a succession list. The list may name persons or position titles. It shall establish the order of priority, successors in office, and it may prescribe the conditions for exercise of the powers of the office.     (5) The board of a corporation may, by resolution, provide that in a national emergency the home office or principal place of business is a location named in the resolution. The resolution may provide for alternate locations and establish an order of preference.    Enacted by Chapter 242, 1985 General Session
UT Code § 31A-5-413 (2021)
2021 Utah Code|Title 31A - Insurance Code|Chapter 5 - Domestic Stock and Mutual Insurance Corporations|Part 4 - Management of Insurance Corporations|Section 413 - Interlocking directorates and other relationships.

31A-5-413. Interlocking directorates and other relationships.  Any person who is simultaneously an officer or director of more than one insurer shall, upon the commissioner's request, disclose all conflicts of interest arising from holding those positions simultaneously. This disclosure shall be given to the directors of the insurers and to the commissioner within 15 working days after receipt of the commissioner's request.  Amended by Chapter 204, 1986 General Session