73-18c-306 - Certificate of self-funded coverage as proof of owner's or operator's security. - Utah Statutes

73-18c-306. Certificate of self-funded coverage as proof of owner's or operator'ssecurity.
(1) The division may, upon the application of any person, issue a certificate ofself-funded coverage when it is satisfied that the person has:
(a) more than 24 motorboats; and
(b) on deposit, in a form approved by the division, cash or securities in an amount of$200,000 plus $100 for each motorboat up to and including 1,000 motorboats and $50 for eachmotorboat over 1,000 motorboats.
(2) Persons holding a certificate of self-funded coverage under this chapter shall paybenefits to persons injured from the self-funded person's operation, maintenance, and use ofmotorboats as would an insurer issuing a policy to the self-funded person containing thecoverages under Sections 31A-22-1502 and 31A-22-1503.
(3) In accordance with Title 63G, Chapter 4, Administrative Procedures Act, the divisionmay, upon reasonable grounds, cancel the certificate. Failure to pay any judgment up to the limitunder Subsection 31A-22-1503(2) within 30 days after the judgment is final is a reasonableground to cancel the certificate.
(4) Any government entity with self-funded coverage for government-owned motorboatsunder Title 63G, Chapter 7, Governmental Immunity Act of Utah, meets the requirements of thissection.

Amended by Chapter 382, 2008 General Session