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Insurance Code | |
Guaranty Associations | |
Section 102 | Purpose. |
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31A-28-102. Purpose. (1) The purpose of this part is to protect, subject to certain limitations, the persons specified in Subsection 31A-28-103(1) against failure in the performance of contractual obligations, under a life and accident and health insurance policy or annuity contract specified in Subsection 31A-28-103(2), because of the impairment or insolvency of the member insurer that issued the policy or contract. (2) To provide the protection described in Subsection (1): (a) the Utah Life and Health Insurance Guaranty Association, which currently exists, is continued to pay benefits and to continue coverages as limited by this part; and (b) members of the association are subject to assessment to provide funds to carry out the purpose of this part.
Amended by Chapter 116, 2001 General Session |
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