31A-5-203. Articles and bylaws.
(1) The articles of incorporation requirements in Section 16-10a-202 apply to the articles
of a stock corporation, except that:
(a) the name of the corporation shall comply with Sections 16-10a-401 and 31A-1-109
and the name of any new or renamed corporation shall include the word "insurance" or a term of
equivalent meaning;
(b) authorized shares shall conform to Subsection 31A-5-305(1) and the capital provided
for shall conform to Section 31A-5-211; and
(c) beginning on July 1, 1988, the purposes of the corporation are limited to those
permitted by Section 31A-4-107.
(2) The articles of incorporation requirements in Section 16-6a-202, except Subsections
16-6a-202(1) (f) and (g), apply to the articles of a mutual except that:
(a) The name of the corporation shall comply with Sections 16-6a-401 and 31A-1-109
and the name of any new or renamed corporation shall include the words "mutual" and
"insurance" or terms of equivalent meaning.
(b) If any mutual bonds are authorized, they shall comply with Subsection
31A-5-305(2)(a).
(c) The purposes of the corporation may not include doing a title insurance business, and
shall be limited to those purposes permitted by Section 31A-4-107.
(d) If assessable policies are permitted, the articles shall contain provisions giving
assessment liabilities and procedures, including a provision specifying the classes of business on
which assessment may be separately levied.
(e) The articles may specify those classes of persons who may be policyholders, or
prescribe the procedure for establishing or removing restrictions on the classes of persons who
may be policyholders. The articles shall also state that each policyholder is a member of the
corporation.
(3) Sections 16-10a-830 and 16-10a-831 apply to stock corporations and Section
16-6a-818 applies to mutuals. The articles or bylaws shall designate three or more principal
offices the principal officers of the corporation shall hold. The principal offices shall be held by
at least three separate natural persons.
(4) The bylaws of a domestic corporation shall comply with this chapter. A copy of the
bylaws, and any amendments to them, shall be filed with the commissioner within 60 days after
their adoption. Subject to this Subsection (4), Subsections 31A-5-204(2)(c) and (5), Subsection
31A-5-213(4), and Section 16-10a-206 apply to stock corporations and Section 16-6a-206
applies to mutuals.
Amended by Chapter 364, 2008 General Session
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Last revised: Thursday, May 28, 2009