31A-1-102 - Purposes. - Utah Statutes

31A-1-102. Purposes.
The purposes of the Insurance Code are to:
(1) ensure the solidity of insurers doing business in Utah;
(2) ensure that policyholders, claimants, and insurers are treated fairly and equitably;
(3) ensure that Utah has an adequate and healthy insurance market, characterized bycompetitive conditions, the spirit of innovation, and the exercise of initiative;
(4) provide for an insurance department that is expert in the field of insurance and able toenforce the Insurance Code effectively;
(5) encourage cooperation between the Insurance Department and other Utah regulatorybodies, as well as other federal and state governmental entities;
(6) preserve and improve state regulation of insurance;
(7) maintain freedom of contract and enterprise;
(8) encourage self regulation of the insurance industry;
(9) encourage loss prevention as part of the insurance industry;
(10) keep the public informed on insurance matters; and
(11) achieve other purposes stated elsewhere in the Insurance Code.

Enacted by Chapter 242, 1985 General Session